Average transaction price for commercial residential properties in Shanghai climbed 17.96 percent last week compared to the week before to 26,000 yuan per square meter, reports Shanghai Evening Post, citing data from www.ehousee.com. Transaction area rose 8.71 percent from a week a earlier to 174,600 square meters.

The rise in average transaction price resulted from an increase in sales of high-end properties priced at over 40,000 yuan per square meter, said the report. Transactions for these properties rose 96.11 percent to 28,000 square meters. Transactions for homes priced over 60,000 yuan per square meter rose 150 percent to 14,800 square meters.

A villa development in Sanlin, Pudong District, was the biggest seller of the week, with 47 units sold for total transaction area of 10,566 square meters at an average price of 56,087 yuan per square meter.

According to an analyst, there were no discounts offered at the Pudong villa development, with each unit costing more than 10 million yuan and buyers possibly including some institutions.

Source:capitalvue.com