Luxury home sales in Shanghai are defying a nationwide slump, as wealthy buyers snap up “safe haven” assets amid expectations of further price gains – a trend likely to continue given scarce inventory and rising land costs.
In the first half of this year, the mainland’s financial capital led in transactions of premium homes, accounting for sales of 482 new homes priced above 50 million yuan (US$7 million), more than 80 per cent of the total across 30 cities, according to data compiled by China Real Estate Information Corporation (CRIC).
