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60 cities see house prices rise last month
By Cherry Cao |
December 4, 2012, Tuesday
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Print Edition
Print Edition
HOME prices in China rose for the sixth straight month in November with 60 cities seeing higher prices, according to the latest industry report.
The average price of new residential properties across 100 cities gained 0.26 percent from that of a month earlier to 8,791 yuan (US$1,398) per square meter, according to China Index Academy's report released yesterday. That compared with an increase of 0.17 percent in October.
The 60 cities that recorded price rises compared with 56 in October, with 17 seeing an increase of more than 1 percent. Heze in Shandong Province led the gainers with a 1.97 percent rise.
Thirty-eight cities reported price drops, with 10 registering a fall of more than 1 percent. Only two cities' prices remained unchanged from a month ago, the academy said.
Song Huiyong, research director with Shanghai Centaline Property Consultants Ltd, said first-time buyers, in the main, were responsible for the price rises.
òThe trend will probably carry on for another month or two,ó Song said, òmost likely at a decelerating pace as pressure for a downward price is already emerging in some second or third-tier cities due to their extremely high inventories.ó
Surge of 108%
Transactions of new residential properties, excluding government-funded affordable housing, totaled 3.87 million square meters in Shanghai, Beijing, Guangzhou and Shenzhen in November, a month-over-month gain of 7 percent and a year-over-year surge of 108 percent, according to a report by E-House China Research and Development Institute in Shanghai.
New home sales in 10 major cities including Beijing, Shanghai and Nanjing, meanwhile, totaled 7.71 million square meters during the same period, a monthly increase of 7 percent and a yearly rise of 92 percent.
"Robust sales registered over the past few months probably dampened hopes among home seekers that prices might go southward further so many of them simply decided to stop waiting," said Wu Xiaojun, an E-House researcher.
The average price for a home in the country's 10 largest cities advanced 0.39 percent from October to 15,686 yuan per square meter. Year on year, it edged up 0.15 percent, the first annual gain registered this year, the academy said.
The average price of new residential properties across 100 cities gained 0.26 percent from that of a month earlier to 8,791 yuan (US$1,398) per square meter, according to China Index Academy's report released yesterday. That compared with an increase of 0.17 percent in October.
The 60 cities that recorded price rises compared with 56 in October, with 17 seeing an increase of more than 1 percent. Heze in Shandong Province led the gainers with a 1.97 percent rise.
Thirty-eight cities reported price drops, with 10 registering a fall of more than 1 percent. Only two cities' prices remained unchanged from a month ago, the academy said.
Song Huiyong, research director with Shanghai Centaline Property Consultants Ltd, said first-time buyers, in the main, were responsible for the price rises.
òThe trend will probably carry on for another month or two,ó Song said, òmost likely at a decelerating pace as pressure for a downward price is already emerging in some second or third-tier cities due to their extremely high inventories.ó
Surge of 108%
Transactions of new residential properties, excluding government-funded affordable housing, totaled 3.87 million square meters in Shanghai, Beijing, Guangzhou and Shenzhen in November, a month-over-month gain of 7 percent and a year-over-year surge of 108 percent, according to a report by E-House China Research and Development Institute in Shanghai.
New home sales in 10 major cities including Beijing, Shanghai and Nanjing, meanwhile, totaled 7.71 million square meters during the same period, a monthly increase of 7 percent and a yearly rise of 92 percent.
"Robust sales registered over the past few months probably dampened hopes among home seekers that prices might go southward further so many of them simply decided to stop waiting," said Wu Xiaojun, an E-House researcher.
The average price for a home in the country's 10 largest cities advanced 0.39 percent from October to 15,686 yuan per square meter. Year on year, it edged up 0.15 percent, the first annual gain registered this year, the academy said.
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