(ShanghaiDaily, Sept 19,2006) THE average price of Shanghai residences hit 7,534 yuan (US$949) a square meter last week, 3.8 percent higher than a week ago, Ehomeday.com reported today.

The transaction volume dropped by 8 percent to 3,444 units. Sales of apartments inside the Inner Ring Road, however, gained 22.1 percent in the period, with price growing 1.3 percent, the online real estate service provider said.

Apartment prices slightly grew by 2.5 percent to 8,792 yuan per square meter in the period.

The residences between the Inner Ring Road and the Outer Ring Road didn't sell well last week, with a price drop of 8.6 percent and sales falling by 6.5 percent.

Average prices of residences outside of the Outer Ring Road rose 6.1 percent in the period, with the sales volume dropping 12.5 percent.

Besides, the sales of office building spaces and commercial spaces surged by 63 percent to 851 units last week.

September is traditionally a "busy season" for the property market, but this year's new property market hasn't boomed yet, and some developers' promotion activities had little effect, an analyst from the Website said.
source:ShanghaiDaily
tag:China