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Existing housing index climbs again
By Cao Qian |
April 2, 2011, Saturday
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Print Edition
Print Edition
SHANGHAI'S existing housing index rose for the seventh consecutive month in March but buying sentiment remaining sluggish as a result of the government's rein-in policies.
The index, which tracks price fluctuations of existing homes across the city, gained 6 points, or 0.25 percent, from a month earlier to 2,586, the Shanghai Existing House Index Office said yesterday. It rose 0.18 percent in February and 0.34 percent in January.
Prices of existing homes in five downtown districts in Puxi and the Pudong New Area climbed an average 0.32 percent last month, compared with a gain of 0.29 percent in February.
"Owners of houses in prime locations still stay very firm in their asking prices so far despite shrinking market demand as many potential buyers of such homes have already become disqualified for purchase," said Lu Bei, an analyst at the index office.
"Those owners are actually in no hurry to sell their houses because investment opportunities also seem limited as they may not be able to purchase residential properties again under the new government policies."
The prices in 53 of the city's 74 areas monitored gained 0.4 percent on average while 11 areas registered dips. Ten remained unchanged from a month earlier. Nanjing Road E. in Huangpu District, Qibao in Minhang District and the Little Lujiazui area in Pudong ranked the top three gainers last month, with growth of 0.99 percent, 0.93 percent and 0.88 percent each.
A tug-of-war between sellers and buyers on prices will remain for a certain period though demand from first-time buyers has been boosting some sales recently, the index office said.
Sales of existing properties should exceed 10,000 units this month in Shanghai amid recovering momentum, primarily due to recovering demand from first-time home buyers, Century 21 China Real Estate said earlier this week.
The index, which tracks price fluctuations of existing homes across the city, gained 6 points, or 0.25 percent, from a month earlier to 2,586, the Shanghai Existing House Index Office said yesterday. It rose 0.18 percent in February and 0.34 percent in January.
Prices of existing homes in five downtown districts in Puxi and the Pudong New Area climbed an average 0.32 percent last month, compared with a gain of 0.29 percent in February.
"Owners of houses in prime locations still stay very firm in their asking prices so far despite shrinking market demand as many potential buyers of such homes have already become disqualified for purchase," said Lu Bei, an analyst at the index office.
"Those owners are actually in no hurry to sell their houses because investment opportunities also seem limited as they may not be able to purchase residential properties again under the new government policies."
The prices in 53 of the city's 74 areas monitored gained 0.4 percent on average while 11 areas registered dips. Ten remained unchanged from a month earlier. Nanjing Road E. in Huangpu District, Qibao in Minhang District and the Little Lujiazui area in Pudong ranked the top three gainers last month, with growth of 0.99 percent, 0.93 percent and 0.88 percent each.
A tug-of-war between sellers and buyers on prices will remain for a certain period though demand from first-time buyers has been boosting some sales recently, the index office said.
Sales of existing properties should exceed 10,000 units this month in Shanghai amid recovering momentum, primarily due to recovering demand from first-time home buyers, Century 21 China Real Estate said earlier this week.
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