The surging transaction volume of budget homes reduced the average price of Shanghai's properties last week.

Residences around the Outer Ring Road, whose prices were recently cut, and budget homes stimulated last week's property transaction.

The average price of new properties, including commercial spaces and residences, dropped 1.4 percent last week to 7,952 Yuan (US$1,108) per square meter, with 5,380 units of properties transacted, up 5.8 percent.

The average price of residences, including apartments, budget homes and villas, decreased 4 percent to 7,030 Yuan per square meter in the period with 4,397 units sold, a growth of 8.3 percent.

Apartment price grew 3.4 percent to 8,902 Yuan per square meter, with the transaction volume up 4 percent to 2,367 units.

The transacted volume of budget homes grew 20.4 percent last week, totaling 1,859 units, and the average price reached 3,116 Yuan per square meter, down 6.3 percent.

The price of villas fell 14.7 percent to 10,677 Yuan in the period, and the transaction volume decreased by 4.1 percent to 171 units.

Developers promoted properties around the Outer Ring Road by offering discounts and reducing prices to attract buyers, which curbed the housing price between the Inner Ring Road and the Middle Ring Road from increasing.

Source:佚名