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Used home prices continue to climb in Shanghai in May

THE prices of used homes continued to climb in Shanghai last month amid increasing demand from both investors and buyers seeking to upgrade their homes.

The city's second-hand housing index rose 0.95 percent, or 22 points, to 2,370 last month, extending gains for the third consecutive month.

The index, which tracks prices of existing homes in 56 areas across the city monthly, declined for seven straight months before it rebounded in March.

"We've noticed a growing demand from people who prefer larger homes in prime locations as they want to upgrade their living environment or for future investment," said Chi Shengyu, an analyst at the index compiler's office. "That's somewhat different from what we saw during earlier months when the majority of buyers were young couples and relocated residents seeking affordable houses."

The prices rose an average of 1.39 percent last month for second-hand homes in five downtown districts, led by Huangpu's 1.73 percent, Jing'an's 1.63 percent and Luwan's 1.4 percent.

Across the city, the prices in 52 of 56 monitored areas climbed over the past month while three dropped and one remained unchanged.

In particular, the prices of second-hand homes in the City God Temple area in Huangpu rose 2.8 percent which was the highest, followed by Dapuqiao in Luwan at 2.5 percent and Caojiadu in Jing'an at 2.3 percent.

A total of 29,300 units of used homes were sold across the city last month, up 2.35 percent from April, but down 0.6 percent to 2.37 million square meters. The average price rose 1.4 percent month on month to 11,838 yuan (US$1,733) per square meter, Century 21 China Real Estate said earlier this week.

The mid to high-class homes in Lujiazui, Xujiahui and Gubei areas were favored by investors, according to Century 21 analysts.


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