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September 12, 2009

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Home » Business » Real Estate

Rise in home index slows as prices gain

SHANGHAI'S existing housing index rose for the sixth consecutive month last month but the growth slowed in both downtown and suburban areas amid increasing prices.

The monthly index, which reflects price fluctuations of existing homes across the city, gained 0.6 percent to 2,442 last month, a slowdown from a 1.2 percent gain in July.

"Though all areas monitored by our office registered a rise in price over the past month, buying sentiment had been curbed due to decreasing affordablility," said Chi Shengyu, an analyst at the index compiler's office. "A smaller supply of existing homes coupled with a stricter down payment rule on second homes had affected the volume."

The average price increase of existing homes in five downtown districts was 1.32 percent, slowing from a rise of 1.38 percent in July.

Huangpu District posted the biggest jump of 1.48 percent in its housing price, followed by Changning District which gained 1.42 percent.

Across the city, only two areas posted a price rise of more than 2 percent, down from four areas in July and 14 areas in June, the office said.

Wujiaochang in Yangpu District led all others last month with a monthly increase of 2.15 percent, trailed by Daning in Zhabei District with 2.07 percent and Sanlin in Pudong New Area with 1.87 percent.

The transaction volume of existing homes fell by double digits last month, losing speed for two straight months, the city's major real estate brokerages reported earlier this month.

Separately, the local rental index for existing homes inched up 0.25 percent last month, improving from a 0.09 percent gain in July.


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