Advanced Search

Related News

Home » Business » Real Estate

Home prices in China accelerate, show 17-month upward trend

By Cherry Cao | November 1, 2013, Friday | Online Edition

HOME prices in China rose at an accelerated pace in October as it extended momentum for the 17th straight month.

The average price of new houses in 100 cities across the country increased 1.24 percent from September to 10,685 yuan (US$1,752) per square meter, the China Index Academy said today. That compared to a growth of 1.07 percent in September and 0.92 percent in August.

Seventy-five cities saw monthly price increases, down from 79 in September. Of those, 29 registered growth of more than 1 percent. Changshu in eastern Jiangsu Province led last month's gainers with a 3.92 percent rise.

There were price drops in 24 cities, with Lianyungang in Jiangsu suffering the biggest decline of 2.18 percent.

In the 10 largest cities, the average price of a new home climbed 1.95 percent to 18,533 yuan per square meter last month, compared to a month-on-month growth of 1.72 percent in September.

Shenzhen saw the largest increase among the largest cities with a monthly rise of 2.83 percent, followed by a 2.56 percent growth in Beijing and a 2.35 percent rise in Shanghai, the academy said.

"Though the average home price in 100 cities continued to rise at a faster rate, the number of cities seeing price increases of more than 1 percent fell from a month earlier, an indication that overheatedness is still confined to a rather small scale," it said. "Generally, the release of more mid- to high-end properties to the market contributed to the rise in average price with sentiment among buyers still remaining robust."

In Shanghai, new home purchases stood above 1.4 million square meters for the second consecutive month in October, according to a report released today by Shanghai Uwin Real Estate Information Services Co.

Sales of new residential properties, excluding government-funded affordable housing, dipped 1 percent to 1.404 million square meters last month. It represented a year-on-year surge of 60 percent, Uwin data showed. They were sold for an average 24,932 yuan per square meter, a monthly rise of 1.33 percent and an annual increase of 14.2 percent.

"Robust sales registered in both September and October demonstrated very solid demand from end-users," said Huang Zhijian, Uwin's chief analyst. "The government should make efforts as soon as possible to increase home supply or prices will further go up."

 

 

BusinessReal Estate


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend