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Small rise in house index but no rally
By Cao Qian |
May 6, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S existing housing index continued to rise slightly in April, extending its growth for the eighth consecutive month, but it's unlikely that a significant rebound is in the pipeline.
The index, which tracks price fluctuations of existing homes across the city, gained 5 points, or 0.17 percent, from a month earlier to 2,591, the Shanghai Existing House Index Office said yesterday. It rose 0.25 percent in March and 0.18 percent in February.
The prices of existing homes in five downtown districts in Puxi and the part of Pudong that's within the Inner Ring Road climbed an average 0.37 percent last month, compared with a gain of 0.32 percent in March.
"The minor growth registered last month across the city didn't necessarily suggest an upcoming rebound in buying sentiment," said Lu Bei, an analyst at the index office. "With austerity measures remaining in place, demand from investors and speculators will continue to be curbed."
The prices in 43 of the city's 74 areas monitored gained 0.49 percent on average while they fell in 22 areas. The prices were flat in nine areas from a month earlier.
Major price gainers included Penglai in Huangpu District and Zhujin in Jinshan District, up 0.9 percent and 0.93 percent each. City-wide, the East Bund area in Yangpu District and Songnan in Baoshan District were among the biggest losers as prices of existing homes dipped an average 0.94 percent and 0.84 percent monthly.
The majority of local home owners still would not budge on prices although sales have been sluggish for three months since the central government launched its tough measures late January, the index office said.
The index, which tracks price fluctuations of existing homes across the city, gained 5 points, or 0.17 percent, from a month earlier to 2,591, the Shanghai Existing House Index Office said yesterday. It rose 0.25 percent in March and 0.18 percent in February.
The prices of existing homes in five downtown districts in Puxi and the part of Pudong that's within the Inner Ring Road climbed an average 0.37 percent last month, compared with a gain of 0.32 percent in March.
"The minor growth registered last month across the city didn't necessarily suggest an upcoming rebound in buying sentiment," said Lu Bei, an analyst at the index office. "With austerity measures remaining in place, demand from investors and speculators will continue to be curbed."
The prices in 43 of the city's 74 areas monitored gained 0.49 percent on average while they fell in 22 areas. The prices were flat in nine areas from a month earlier.
Major price gainers included Penglai in Huangpu District and Zhujin in Jinshan District, up 0.9 percent and 0.93 percent each. City-wide, the East Bund area in Yangpu District and Songnan in Baoshan District were among the biggest losers as prices of existing homes dipped an average 0.94 percent and 0.84 percent monthly.
The majority of local home owners still would not budge on prices although sales have been sluggish for three months since the central government launched its tough measures late January, the index office said.
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