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Shanghai's housing index declines in November
By Cherry Cao |
December 2, 2011, Friday
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Print Edition
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SHANGHAI'S existing housing index fell in November for the second month, with prices declining in 75 percent of the areas monitored.
The index, which tracks price fluctuations of the city's previously occupied homes, lost 5 points, or 0.2 percent, from October to 2,592, the Shanghai Existing House Index Office said yesterday.
"Compared to rather significant cuts offered by some real estate developers, individual home owners still seemed pretty firm in their asking prices," said Zhang Shu, an analyst at the index office. He added that ''it is still a bit early to see a clear downward trend in prices."
The prices of existing homes in prime sites, including the four downtown districts in Puxi and Lujiazui in Pudong New Area, dipped 0.06 percent on average in November.
Across the city, prices in 75 percent of the 128 areas tracked by the office dropped 0.27 percent on average. Only 3 percent of the areas saw a an average 0.09 percent gain in prices while the remaining areas posted almost no change in their prices from a month earlier, according to the office.
So far most owners have been willing to offer discounts of less than 10 percent and this cut is obviously not enough to spark buying interest, observers said. They said a discount of at least 15 percent would be attractive.
Zhang said as individual home owners don't need capital urgently, they can withstand the existing property curbs longer than developers. He doesn't see massive price cuts by individual owners any time soon.
The index, which tracks price fluctuations of the city's previously occupied homes, lost 5 points, or 0.2 percent, from October to 2,592, the Shanghai Existing House Index Office said yesterday.
"Compared to rather significant cuts offered by some real estate developers, individual home owners still seemed pretty firm in their asking prices," said Zhang Shu, an analyst at the index office. He added that ''it is still a bit early to see a clear downward trend in prices."
The prices of existing homes in prime sites, including the four downtown districts in Puxi and Lujiazui in Pudong New Area, dipped 0.06 percent on average in November.
Across the city, prices in 75 percent of the 128 areas tracked by the office dropped 0.27 percent on average. Only 3 percent of the areas saw a an average 0.09 percent gain in prices while the remaining areas posted almost no change in their prices from a month earlier, according to the office.
So far most owners have been willing to offer discounts of less than 10 percent and this cut is obviously not enough to spark buying interest, observers said. They said a discount of at least 15 percent would be attractive.
Zhang said as individual home owners don't need capital urgently, they can withstand the existing property curbs longer than developers. He doesn't see massive price cuts by individual owners any time soon.
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