Buying momentum in Shanghai's residential market continues to show strength as people in Hong Kong, Taiwan and Macau flock to live or invest in the city, according to state media. Housing demand was growing as more people - Chinese and foreigners - were interested in moving to Shanghai, the China Daily Business Weekly reported. The report said many people from Hong Kong, Taiwan and Macau were lured by the healthy development of Shanghai's economy and the maturity of its real-estate market. They swarmed into the city to buy apartments for investment or for living. Many mainlanders outside Shanghai also made the move. Earlier this month the Shanghai office of Hong Kong-based Wen Wei Po organised a group of nearly 100 people from Hong Kong, Taiwan and Macau to visit a dozen representative developments in Shanghai. Many of the visitors showed interest in the products, the China Daily report said. Industry analysts believed property in Shanghai would appreciate, or at least maintain investment value. The report said buyers were flocking to Shanghai because the market was standardised and protected by comprehensive rules. Wen Wei Po Shanghai office director Yao Xinbao said: 'Based on this necessity, we organised such an event to bridge the gap between supply and demand: They have money, Shanghai has apartments.' Mr Yao said property developers in Xuhui District, a prime area in Shanghai, last year created a sensation when they promoted new projects in Hong Kong. Supported by the Housing and Land Resources Administrative Bureau of the district, the newspaper office aims to organise more real-estate tours to Shanghai. Wen Wei Po is not the first to venture into the field. Last year, Zhejiang-based Wenzhou Evening Post also arranged several house-buying delegations to Shanghai and helped clinch deals. The China Daily said the price of Hong Kong real estate was six to eight times more than that of similar quality investments in Shanghai. Shanghai Financial and Economic University's Yin Kunhua said the location and favourable environment made buying homes in Shanghai an attractive investment. Shanghai Housing and Land Resources Administrative Bureau data showed 18.32 million square metres of newly constructed apartments were sold in the city last year and 14.22 million sq metres of secondary flats were sold, representing year-on-year increases of 26.1 per cent and 80 per cent, respectively. Mainlanders from outside Shanghai bought 240,000 apartments, and foreigners - including people from Hong Kong, Taiwan and Macau - accounted for 3 per cent of buyers. According to DTZ Debenham Tie Leung, the increasing number of multinational companies and expatriate staff coming to the city following China's World Trade Organisation entry will drive the high-end residential market in Shanghai. Top serviced apartments and villas would have high occupancy levels and rents because there was a thin supply of top-quality villas, the consultant said. Most of the new supply of villas for sale would be in Jinqiao and Zhangjiang, in Pudong District. DTZ estimated new supply of luxury apartments and villas at 2,400 units last year, 90 per cent of which were in Pudong and Changning. Average monthly rents for luxury apartments last year stood at US$12.40 per sq metre, for serviced apartments, US$16.70 and villas, US$22. Average prices for luxury apartments increased substantially to reach US$2,017 per sq metre last year, while average villa prices stabilised at US$2,183 per sq metre, according to DTZ.