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November 7, 2009

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Home » Business » Real Estate

City's existing housing index's increase slows

AN insufficient supply and high prices slowed the rise in Shanghai's existing housing index, which climbed for the eighth consecutive month, in October.

The index, which tracks price fluctuations of existing homes across the city, gained 0.48 percent to 2,471 last month.

The gauge rose 1.23 percent in July, 0.62 percent in August and 0.69 percent in September.

"An inadequate supply and home owners' high asking prices somewhat curbed the sales of existing homes," said Chi Shengyu, an analyst of the index compiler.

The prices of existing homes in five downtown districts rose by an average of 0.49 percent in October, down 0.67 percentage point from September.

On a district basis, the housing price in Baoshan jumped the most, or 1.26 percent, last month, followed by Songjiang, which also rose by more than 1 percent.

Across the city, 56 areas monitored by the index office continued to grow while three were unchanged from a month earlier.

Tonghe in Baoshan District jumped the most, 1.89 percent, followed by Jiuting in Songjiang District which climbed 1.49 percent and Shiquan/Yichuan in Putuo District which advanced 1.26 percent.

The latest research released by Century 21 China Real Estate, a leading property chain in the city, showed the transaction volume of existing properties, including residential, commercial and all other real estate, rose a slight 1.1 percent month on month to 22,900 units last month.

The average price, meanwhile, climbed to 13,828 yuan (US$2,024) per square meter.


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