New houses cost climb in June

By Cherry Cao | July 1, 2015, Wednesday |

Online Edition

THE average cost of new houses in China climbed for the second consecutive month with more cities registering price growth, the China Index Academy said in a report released today.

New residential properties in 100 cities were sold for an average 10,628 yuan (1,710) per square meter in June, a month-over-month increase of 0.56 percent, the academy said. That compared to a 0.45-percent rise in May, which was the first monthly gain since February.

Nationwide, prices rose in 53 cities from the previous month, compared to 48 in May. Prices fell in 46 cities while remained flat in one.

Of the country's 10 largest cities including Beijing and Shanghai, the average new home price climbed 1.09 percent from May to 19,357 yuan per square meter. The increase also accelerated from May's 0.99 percent gain.

Among the 100 cities, Shenzhen led all gainers with a month-on-month price increase of 6.6 percent for new residential properties whereas Maanshan, a city in eastern Anhui Province, suffered a price retreat of more than 2 percent, the largest of all, according to the academy.

"With market sentiment continuing to rebound in first-tier as well as some of the second-tier cities, housing prices in those cities will probably extend their strength as developers' pressure from high inventory further alleviates," the academy said. "Meanwhile, prices will likely remain rather stable in cities where inventory remains at high levels with developers being extremely cautious about raising their prices."

In Shanghai, new home prices rose to the highest ever in June with particularly strong sales recorded during the last few days of the month, according to a latest industry report.

The area of new homes sold in the city increased 3.9 percent month on month to 1.48 million square meters in June, the highest monthly volume recorded so far this year. By average price, they rose 7.7 percent from May to a record 34,345 yuan per square meter, Shanghai Deovolente Realty Co said today.

"The fact that a growing number of home buyers chasing after luxury and high-end homes was the main reason behind the record price," said Lu Qilin, a researcher at Deovolente. "We expect this trend to extend through the second half of this year with monthly average price of new homes staying above the 30,000 yuan per square meter threshold."

In a separate report released today by Shanghai Uwin Real Estate Information Services Co, half of the city's ten most sought after residential projects in June were sold for more than 40,000 yuan per square meter.

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New houses cost climb in June

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