The average cost of new housing in Shanghai hits record-highs

In April, the indicator has increased by 16%, compared with March, up to the level of 22,926 Yuan ($3,358) per a sq. m.

Over the specified period, new home sales have soared by 28%, up to 1.02 million sq. m. Mainly, this increase was fuelled by active sales of luxury housing, while the average price segment has seen a decline in sales volume, Shanghai Daily reports.

Measures implemented by Chinese authorities in order to “cool down” the local property market are gradually starting to produce effect. Thus, if, in the first half of April, the daily average number of property deals inked in Shanghai amounted to 330 transactions, then in the second half their number has declined to 230.

According to data provided by the Uwin company, the daily average number of sales has dropped to 100 units by the end of the month, while plunging to barely 50 deals during the first four days of May.