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Home prices in 10 biggest Chinese cities fall for 1st time
By Cao Qian |
December 2, 2011, Friday
|
Print Edition
Print Edition
CHINA'S home prices fell in November for the third month, with those in the 10 biggest cities dropping for the first time, according to a monthly research released yesterday by the China Index Academy.
Home prices dipped an average 0.28 percent from October to 8,832 yuan (US$1,393) per square meter in 100 major cities across the country. This decrease continued from September when home prices shed 0.03 percent, the first monthly drop in a year.
Last month, prices fell in 57 of the 100 cities, compared to 58 in October, according to the academy.
For the first time, prices in the 10 largest cities, including Shanghai, Beijing, Guangzhou, Shenzhen and Chongqing, fell month on month.
In October, prices in 8 of the 10 cities fell, according to the academy.
The average cost of homes in the 10 cities fell 0.36 percent to 15,663 yuan per square meter, the lowest since March.
In Shanghai, home prices dipped 0.47 percent from October, the index data revealed.
A separate report released yesterday by Shanghai Deovolente Realty Co also verified the downward trend.
The average price of new homes, excluding government-funded affordable housing, in the city fell 1.1 percent monthly to 21,069 yuan per square meter in November, the lowest in eight months, the company's data showed.
Meanwhile, 491,300 square meters of new homes were sold in Shanghai last month, up 7.4 percent from October.
"Despite the rebound, which was also the first monthly gain in transaction volume since June, it was still the lowest November data since 2006 when the city began to track its housing transactions," said Lu Qilin, a researcher at Deovolente.
"Significant discounts offered by some real estate developers in outlying areas helped sales," Liu added.
Home prices dipped an average 0.28 percent from October to 8,832 yuan (US$1,393) per square meter in 100 major cities across the country. This decrease continued from September when home prices shed 0.03 percent, the first monthly drop in a year.
Last month, prices fell in 57 of the 100 cities, compared to 58 in October, according to the academy.
For the first time, prices in the 10 largest cities, including Shanghai, Beijing, Guangzhou, Shenzhen and Chongqing, fell month on month.
In October, prices in 8 of the 10 cities fell, according to the academy.
The average cost of homes in the 10 cities fell 0.36 percent to 15,663 yuan per square meter, the lowest since March.
In Shanghai, home prices dipped 0.47 percent from October, the index data revealed.
A separate report released yesterday by Shanghai Deovolente Realty Co also verified the downward trend.
The average price of new homes, excluding government-funded affordable housing, in the city fell 1.1 percent monthly to 21,069 yuan per square meter in November, the lowest in eight months, the company's data showed.
Meanwhile, 491,300 square meters of new homes were sold in Shanghai last month, up 7.4 percent from October.
"Despite the rebound, which was also the first monthly gain in transaction volume since June, it was still the lowest November data since 2006 when the city began to track its housing transactions," said Lu Qilin, a researcher at Deovolente.
"Significant discounts offered by some real estate developers in outlying areas helped sales," Liu added.
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