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Land price for homes climbs 50%
By Cao Qian |
December 25, 2010, Saturday
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Print Edition
Print Edition
LAND designated for home building, excluding those allocated for affordable housing development, has been sold nearly 50 percent higher than a year earlier in Shanghai, according to a research released yesterday by China Real Estate Information Corp.
As of yesterday, a total of 64 land plots designated for housing development and with a combined gross floor area of 7.61 million square meters were transacted for about 80.5 billion yuan, or 10,574 yuan (US$1,587) per square meter on average, compared with 7,230 yuan per square meter in 2009 and 3,393 yuan per square meter in 2008, according to statistics by CRIC, a provider of real estate information, consulting and online services.
For 2010, sales of about 600 land parcels covering all uses are expected to exceed 150 billion yuan in Shanghai, according to CRIC.
"An inadequate supply of land parcels designated for housing development has been the major reason behind the rapid growth in land price over the past few years," said Sky Xue, an analyst at CRIC. "Though local supply has rebounded since 2007, home sales still outpaced land supply over the past four years."
Between 2003 and 2009, there were 31.49 million, 28.88 million, 26.41 million, 19.87 million, 9.15 million, 9.51 million and 13.18 million square meters of land for housing development in the city, earlier data showed. The figure should be around 15 million square meters for 2010, CRIC estimated.
Over the same period, home sales in Shanghai hit 22.24 million, 32.34 million, 28.46 million, 26.15 million, 32.79 million, 19.65 million and 29.28 million square meters. This year should see around 16.15 million square meters due to tighter policies to curb speculation.
A 89,400-square-meter land parcel in Pengpu area in north Shanghai's Zhabei District was sold yesterday to a local developer for 2.7 billion yuan, or a GFA price of 10,075 yuan per square meter, a record for land designated for affordable housing development in the city.
As of yesterday, a total of 64 land plots designated for housing development and with a combined gross floor area of 7.61 million square meters were transacted for about 80.5 billion yuan, or 10,574 yuan (US$1,587) per square meter on average, compared with 7,230 yuan per square meter in 2009 and 3,393 yuan per square meter in 2008, according to statistics by CRIC, a provider of real estate information, consulting and online services.
For 2010, sales of about 600 land parcels covering all uses are expected to exceed 150 billion yuan in Shanghai, according to CRIC.
"An inadequate supply of land parcels designated for housing development has been the major reason behind the rapid growth in land price over the past few years," said Sky Xue, an analyst at CRIC. "Though local supply has rebounded since 2007, home sales still outpaced land supply over the past four years."
Between 2003 and 2009, there were 31.49 million, 28.88 million, 26.41 million, 19.87 million, 9.15 million, 9.51 million and 13.18 million square meters of land for housing development in the city, earlier data showed. The figure should be around 15 million square meters for 2010, CRIC estimated.
Over the same period, home sales in Shanghai hit 22.24 million, 32.34 million, 28.46 million, 26.15 million, 32.79 million, 19.65 million and 29.28 million square meters. This year should see around 16.15 million square meters due to tighter policies to curb speculation.
A 89,400-square-meter land parcel in Pengpu area in north Shanghai's Zhabei District was sold yesterday to a local developer for 2.7 billion yuan, or a GFA price of 10,075 yuan per square meter, a record for land designated for affordable housing development in the city.
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