The file photo shows the Oriental Pearl Tower, Shanghai's landmark building. [Photo: chninvest.com]

New figurs show home sales soared nearly 80 percent in Shanghai last week.

The Shanghai Homelink Real Estate Agency is reporting over 500-thousand square meters of property was sold in Shanghai last week.

This is the highest 7-day volume registered in around 8-months.

The average cost of new homes in Shanghai has fallen by around 5.5 percent to around 33 thousand yuan per square-meter.

Among the new homes sold last wee, Homelink says a lot of interest was in medium to low-end properties.