Used housing index extends rally | Shanghai Daily

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August 15, 2009

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Used housing index extends rally

SHANGHAI'S second-hand housing index extended its rally last month as it maintained its climb for five months in a row.

The monthly index, which reflects price fluctuations of existing homes across the city, rose 1.21 percent, or 29 points, to 2,427 last month, the highest since it was established in November 2001.

"All the 56 areas monitored by our office registered a rise in prices in July," said Chi Shengyu, an analyst at the index compiler's office. "However, we've noticed a significant correction in volume of low-end properties while in the mid to high-end sector, price rises also decelerated."

The prices of existing homes in five downtown districts grew an average of 1.38 percent last month, compared with 1.84 percent in June.

Luwan District jumped to the top spot last month with a month-on-month increase of 1.59 percent, followed by Jing'an which rose 1.44 percent and Changning which gained 1.34 percent.

Across the city, used homes in four areas, out of a total of 56, increased more than 2 percent, down from 14 areas in June.

Zhijiang Road area in Zhabei District led all others last month with a month-on-month growth of 2.35 percent, followed by a 2.15 percent rise in Sanlin in the Pudong New Area and a 2.06 percent increase for North Bund area in Yangpu.

About 29,200 units of existing properties were sold in Shanghai last month at an average price of 12,760 yuan (US$1,868) per square meter, a drop of 6.6 percent in volume and an increase of 2.8 percent in price, according to the latest research by Century 21 China Real Estate, operator of the city's second-largest brokerage chain.

The local rental index, also released by the index compiler, edged up 1 point, or 0.09 percent, to 1,195 last month.




 

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