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December 22, 2009

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Home » Business » Real Estate

Suburbs post biggest price rise

THE prices of existing homes in Shanghai have climbed an average of 38 percent this year with those in the non-central areas posting the biggest increases, according to a latest industry research.

Out of the 200 mid to high-class residential projects monitored by Century 21 China Real Estate, operator of the city's second-largest brokerage chain, 26 percent saw prices jumped more than 50 percent since early February while 39 percent have risen between 30 and 50 percent during the same period, Century 21 said yesterday.

"While prices of almost all residential developments across the city have risen since the beginning of this year amid robust buying sentiment, those located beyond the Inner Ring Road jumped extremely fast," said Huang Hetao, a researcher at Century 21. "The expansion of Metro line network and improvement in infrastructure have kept prices growing in those areas, and at the same time, the comparatively affordable prices there also attracted more buyers, and therefore further pushed up the prices."

The prices for major residential projects within the Inner Ring Road have risen roughly between 20 and 50 percent since February and those located beyond surged between 30 and 70 percent during the same period, Century 21 research showed.

E-House (China) Holdings Ltd, another major domestic real estate research company, also said yesterday that prices of about 45 percent of housing projects in Shanghai have gained more than 30 percent so far this year, with five developments - one apartment and four villa projects - even seeing their prices more than doubled over the past three quarters.

Out of the 243 residential projects, including apartments and villas, tracked by E-House, 45 percent have gained at least 30 percent in prices from the first quarter this year, and 43 percent rose by less than 30 percent.

A villa project by China Vanke Corp in Minhang District and an apartment project by China Resources Land Ltd in Huangpu District have led gainers in their sectors with prices soaring 126 percent and 107 percent from the first quarter, E-House data showed.


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