Home » Business » Real Estate
Home renting up as costs deter buying
By Cao Qian |
March 6, 2010, Saturday
|
Print Edition
Print Edition
HOME renting activities in Shanghai rose in February because buyers were put off by high apartment prices and also on a recovery in demand as migrant workers returned after the Spring Festival holiday, the city's largest property agency said.
Across the city, the volume of rentals, by units, rose one fifth month on month, with most deals, 24 percent of the city's total, concluded in Pudong New Area, 10 percent in Baoshan District and 9 percent in Minhang District, according to Shanghai Centaline Property Consultants Ltd, operator of more than 180 branches.
However, different areas recorded a mixed picture for rents with the city's average shedding 11 percent from January to 36.90 yuan (US$5.40) per square meter per month in February.
"Shanghai's overall leasing market rebounded last month because more people temporarily gave up their plans to buy homes and rented apartments instead amid record high housing prices," said Ma Ji, a senior research manager at Shanghai Centaline.
"Moreover, migrant workers returning to the city also helped boost demand."
Rent cuts by some owners of high-end properties and more renting deals involving mid-to-low class apartments contributed to the drop in average rent last month, according to the company's research.
The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, remained at a high of 19,696 yuan per square meter in the city in February, according to latest industry statistics.
Across the city, the volume of rentals, by units, rose one fifth month on month, with most deals, 24 percent of the city's total, concluded in Pudong New Area, 10 percent in Baoshan District and 9 percent in Minhang District, according to Shanghai Centaline Property Consultants Ltd, operator of more than 180 branches.
However, different areas recorded a mixed picture for rents with the city's average shedding 11 percent from January to 36.90 yuan (US$5.40) per square meter per month in February.
"Shanghai's overall leasing market rebounded last month because more people temporarily gave up their plans to buy homes and rented apartments instead amid record high housing prices," said Ma Ji, a senior research manager at Shanghai Centaline.
"Moreover, migrant workers returning to the city also helped boost demand."
Rent cuts by some owners of high-end properties and more renting deals involving mid-to-low class apartments contributed to the drop in average rent last month, according to the company's research.
The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, remained at a high of 19,696 yuan per square meter in the city in February, according to latest industry statistics.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
