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Buyers pay more for new homes last month
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THE average price of new houses in China rose for the second consecutive month in June, the China Index Academy said in a report released yesterday.
New residential properties in 100 cities sold for an average of 10,628 yuan (US$1,710) per square meter last month, an increase of 0.56 percent, the academy said. That compared with a 0.45 percent rise in May, the first monthly gain since February.
Nationwide, prices rose in 53 cities, compared with 48 in May. Prices fell in 46 while remaining flat in just one.
In the 10 largest cities, the average cost of a new home rose 1.09 percent from May to 19,357 yuan per square meter.
Shenzhen led gainers with an increase of 6.6 percent for new residential properties whereas prices fell 2 percent, the largest drop, in Ma’anshan, a city in east China’s Anhui Province.
“With market sentiment continuing to rebound in first-tier and some second-tier cities, house prices in those cities will probably extend their strength as developers’ pressure from high inventory further alleviates,” the academy said. “Meanwhile, prices will likely remain rather stable in cities where inventory remains at high levels with developers being extremely cautious about raising their prices.”
In Shanghai, new home prices rose in June to their highest so far with particularly strong sales in the last few days of the month, according to a Shanghai Deovolente Realty Co report.
The area of new homes sold in the city increased 3.9 percent to 1.48 million square meters in June, the highest monthly volume this year. Average prices rose 7.7 percent to a record 34,345 yuan per square meter.
“The fact of a growing number of home buyers chasing after luxury and high-end homes was the main reason behind the record price,” said Lu Qilin, a Deovolente researcher. “We expect this trend to extend through the second half of this year with monthly average price of new homes staying above the 30,000 yuan per square meter threshold.”
A report by Shanghai Uwin Real Estate Information Services Co said that half of the city’s 10 most sought-after residential projects in June sold at more than 40,000 yuan per square meter.
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