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City second-hand housing index drops 0.15%
By Cao Qian |
January 9, 2009, Friday
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Online Edition
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SHANGHAI'S second-hand housing index, which monitors prices for used apartments across the city, dipped 0.15 percent last month, the fifth consecutive drop since August, the local index compiler said today.
The index, released by leading real estate Website www.ehomeday.com, slipped 3 points to 2,316 in December.
However, demand for used apartments picked up in some parts of the city in December after a series of government initiatives helped reduce transaction costs and offered favorable loan policies.
"The decline was rather trivial as compared to previous months, indicating a recovering sentiment among home buyers,'' said Chi Shengyu, an analyst at the index compiler's office. "The recently introduced policies by both the central and local governments to boost market demand is beginning to have some positive effect as expected.''
The monthly property index witnessed its first decrease -- 0.45 percent -- in August, ending a 22-month rally that started in October 2006.
It later fell 1.07 percent, 0.91 percent and 0.82 percent in September, October and November respectively.
Nearly 50 percent of areas monitored by the index compiler recorded price growth in December, as compared to less than 20 percent in November.
Prices of used apartments in 25 areas across the city rose last month, with an average rate of 1.02 percent, the compiler said.
Beixinjing in western Changning District registered the biggest increase of 2.04 percent, immediately followed by Huajing in Xuhui District and Pengpu in Zhabei District, which jumped 1.84 percent and 1.79 percent respectively.
On the contrary, Hanghua in Minhang District, Sanlin in Pudong and Changshou in Putuo District plunged the most, down 1.85 percent, 1.79 percent and 1.72 percent respectively.
Separately, the local rental index, also released by the Website, fell for a third month in December, ending 10 points, or 0.78 percent, lower at 1,214.
The average monthly rent for high-end apartments, usually asking for more than 6,000 yuan (US$875) for a two-bedroom unit, encountered a major setback of 2.6 percent last month mainly due to reduced housing budgets for expat workers. Rents for apartments in Gubei, West Nanjing Road, East Nanjing Road and Xintiandi led all declines, according to statistics released by the Website.
Meanwhile, rentals for mid-class properties and privatized public apartments lost 0.7 percent and 0.4 percent respectively.
The index, released by leading real estate Website www.ehomeday.com, slipped 3 points to 2,316 in December.
However, demand for used apartments picked up in some parts of the city in December after a series of government initiatives helped reduce transaction costs and offered favorable loan policies.
"The decline was rather trivial as compared to previous months, indicating a recovering sentiment among home buyers,'' said Chi Shengyu, an analyst at the index compiler's office. "The recently introduced policies by both the central and local governments to boost market demand is beginning to have some positive effect as expected.''
The monthly property index witnessed its first decrease -- 0.45 percent -- in August, ending a 22-month rally that started in October 2006.
It later fell 1.07 percent, 0.91 percent and 0.82 percent in September, October and November respectively.
Nearly 50 percent of areas monitored by the index compiler recorded price growth in December, as compared to less than 20 percent in November.
Prices of used apartments in 25 areas across the city rose last month, with an average rate of 1.02 percent, the compiler said.
Beixinjing in western Changning District registered the biggest increase of 2.04 percent, immediately followed by Huajing in Xuhui District and Pengpu in Zhabei District, which jumped 1.84 percent and 1.79 percent respectively.
On the contrary, Hanghua in Minhang District, Sanlin in Pudong and Changshou in Putuo District plunged the most, down 1.85 percent, 1.79 percent and 1.72 percent respectively.
Separately, the local rental index, also released by the Website, fell for a third month in December, ending 10 points, or 0.78 percent, lower at 1,214.
The average monthly rent for high-end apartments, usually asking for more than 6,000 yuan (US$875) for a two-bedroom unit, encountered a major setback of 2.6 percent last month mainly due to reduced housing budgets for expat workers. Rents for apartments in Gubei, West Nanjing Road, East Nanjing Road and Xintiandi led all declines, according to statistics released by the Website.
Meanwhile, rentals for mid-class properties and privatized public apartments lost 0.7 percent and 0.4 percent respectively.
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