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Majority of people think homes still too pricey: survey
By Cao Qian |
March 13, 2012, Tuesday
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Online Edition
Online Edition
NEARLY 80 percent of the people think housing prices in Shanghai are still too expensive at the moment although government tightening measures have been in place for more than one year, the latest industry survey has revealed.
Nearly 90 percent of the respondents said they could afford a house with a price equivalent to 10 times their annual household income at most, according to an online survey conducted by Soufun.com, which gathered responses from more than 3,600 people during the week between March 6 and yesterday.
The annual household income of 70 percent of the respondents doesn't exceed 200,000 yuan (US$31,610), according to Soufun, operator of the country's largest real estate website.
More than half of the people said they have plans to purchase a house in Shanghai within one year, while 22 percent of them plan to ink the deal over the next 12 to 24 months, the survey showed.
About two thirds of respondents expressed a preference for newly built houses and only 10 percent of them said they will consider a downtown property.
"It is for sure that the country's austerity measures to curb housing speculation have been taking effect so far but I guess it still needs some time for home prices to reach an affordable level for the majority of people," said Sky Xue, an analyst at China Real Estate Information Corporation. "It will probably take another few years for the country to build enough affordable apartments for its people."
Nearly 90 percent of the respondents said they could afford a house with a price equivalent to 10 times their annual household income at most, according to an online survey conducted by Soufun.com, which gathered responses from more than 3,600 people during the week between March 6 and yesterday.
The annual household income of 70 percent of the respondents doesn't exceed 200,000 yuan (US$31,610), according to Soufun, operator of the country's largest real estate website.
More than half of the people said they have plans to purchase a house in Shanghai within one year, while 22 percent of them plan to ink the deal over the next 12 to 24 months, the survey showed.
About two thirds of respondents expressed a preference for newly built houses and only 10 percent of them said they will consider a downtown property.
"It is for sure that the country's austerity measures to curb housing speculation have been taking effect so far but I guess it still needs some time for home prices to reach an affordable level for the majority of people," said Sky Xue, an analyst at China Real Estate Information Corporation. "It will probably take another few years for the country to build enough affordable apartments for its people."
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