New home cost pick up in February

By Cherry Cao | March 1, 2016, Tuesday |

Online Edition

THE growth of new home cost in China picked up pace again in February, the China Index Academy said today in its latest report after tracking 100 cities across the city.

The mean price of a new home rose 0.6 percent last month to 11,092 yuan (US$1,692) per square meter, accelerating from a 0.42 percent gain in January, according to the academy.

Nationwide, prices climbed in 61 cities from a month earlier while they fell in 38 cities and was unchanged in one.

Among the gainers, 22 cities registered a month-on-month growth of more than 1 percent, an increase of five from January.

Zhongshan in southern Guangdong Province recorded the biggest monthly rise of 5.63 percent, followed by Suzhou and Shenzhen, which saw home prices rise 5.56 percent and 5.41 percent, respectively, from a month earlier, the academy said.

In the country's 10 largest cities, the average cost of a new home increased 0.51 percent to 20,842 yuan per square meter, decelerating a bit from a 0.54 percent rise in January.

"For the seventh consecutive month, home prices in China rose simultaneously on both a monthly and yearly basis," the academy said. "As the market is approaching its traditional high season, we expect to see robust sentiment among both real estate developers and home buyers with boosting measures by the government such as the cut in down payment and a reduction in deed and business tax continuing to take effect."

On an annual basis, the average price of a new home jumped 5.25 percent in February, accelerating further from a 4.37 percent rise in January.

In Shanghai, the area of new homes sold, excluding government-subsidized affordable housing, dropped 46.7 percent from January to 713,000 square meters last month mainly because of a seasonal retreat, Shanghai Centaline Property Consultants Ltd said in a report released today.

On a year-on-year basis, however, that represented a surge of 68.6 percent, Centaline data showed.

Fuelled by rather strong performance in the high-end segment, the mean cost of new houses climbed 1.4 percent to 36,374 yuan per square meter in February, a record in the city. Notably, half of the 10 most popular developments last month cost more than 50,000 yuan per square meter, according to Centaline.

Business Real Estate

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

New home cost pick up in February

Email this to your friend