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Buyers boost housing index
By Cao Qian |
January 7, 2011, Friday
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Print Edition
Print Edition
SHANGHAI'S existing housing index rose for the fourth consecutive month in December amid recovering sentiment among home buyers.
The index, which monitors price fluctuations of existing homes across the city, gained 8 points, or 0.33 percent, to 2,566, the Shanghai Existing House Index Office said yesterday.
Across the city, the prices of existing homes in five downtown districts rose 0.27 percent last month and 61 of the 72 areas tracked saw price rises, the index office said. Seven areas stayed flat from a month ago, and four fell.
"Gradually faltering public confidence in the effectiveness of government's tightening policies, market speculation on a property tax and high inflation expectations have been driving more buyers into the market over the past month," said Tao Ting, an analyst with the index office.
Despite two rounds of housing-related tightening measures since mid-April and two interest rate increases since October, home prices of both new and existing properties in Shanghai continued to rise.
The price for a new home, excluding those built under affordable housing programs, averaged about 21,699 yuan (US$3,272) a square meter last year, up about 34 percent from 2009, according to Shanghai Uwin Real Estate Information Services Co.
Century 21 China Real Estate, the city's second-largest real estate chain, also said earlier that prices of existing homes rose between 14 and 19 percent in Shanghai last year.
Growing speculation that Shanghai may trial a property tax this year and applicable on newly-bought homes have also helped boost home sales.
The index, which monitors price fluctuations of existing homes across the city, gained 8 points, or 0.33 percent, to 2,566, the Shanghai Existing House Index Office said yesterday.
Across the city, the prices of existing homes in five downtown districts rose 0.27 percent last month and 61 of the 72 areas tracked saw price rises, the index office said. Seven areas stayed flat from a month ago, and four fell.
"Gradually faltering public confidence in the effectiveness of government's tightening policies, market speculation on a property tax and high inflation expectations have been driving more buyers into the market over the past month," said Tao Ting, an analyst with the index office.
Despite two rounds of housing-related tightening measures since mid-April and two interest rate increases since October, home prices of both new and existing properties in Shanghai continued to rise.
The price for a new home, excluding those built under affordable housing programs, averaged about 21,699 yuan (US$3,272) a square meter last year, up about 34 percent from 2009, according to Shanghai Uwin Real Estate Information Services Co.
Century 21 China Real Estate, the city's second-largest real estate chain, also said earlier that prices of existing homes rose between 14 and 19 percent in Shanghai last year.
Growing speculation that Shanghai may trial a property tax this year and applicable on newly-bought homes have also helped boost home sales.
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