A Shanghai apartment in Tomson Rivieria was sold on June 19 for 240 million yuan, making it the most expensive flat ever sold in the city.
The first half of the year saw a huge rise in the transaction volume of luxury properties selling at over 100,000 yuan per square meter.
According to statistics from the research department of property consultancy company Tospur, a total of 194 luxury properties were sold in the first half of the year, a huge increase comparing to the past five years. Among the sold units were 139 apartments and 55 mansions.
When compared to the same period last year, only 57 luxury properties were sold, including 31 apartments and 26 mansions.
“An average of 132 luxury properties were sold each year between 2010 and 2014, but just the number recorded this first half of the year has already passed that benchmark,” research director Zhang Hongwei said.
He added that the key causal factors were the loosened regulation on the permit of pre-sale housing, the benefits brought by the new mortgage policy “330”, the well-performing stock market, the frequent stock purchases by the rich as well as property investments by rich second-generations and returnees.
Over six housing estates had reported having sold more than 10 of their units in the past half year, with 36 sold in Maoming Mansion (茂名公馆), 27 in Grand Summit (嘉天汇御苑), 22 in Binjiang Triumph (凯旋滨江园), 15 in Dongjiao Garden (东郊花园), and 12 in Overseas Chinese City Suhewan (苏河湾华侨城).
Fangjia, a Chinese website with property information, rounded up the property transactions in June in Shanghai, showing that the most expensive mansion was sold in North Jian’an for 139,079 yuan per square meter while the most expensive apartment was sold in Lujiazui for 150,328 yuan per square meter.
Take a look at photos of a model apartment in Tom Rivieria:
[Images via Tom Rivieria]
By Joyce Ng