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February 2, 2016

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Home » Business » Real Estate

Increase in average cost of new home slows

By Cherry Cao | February 2, 2016, Tuesday | Print Edition

THE average cost of a new home in China climbed 0.42 percent last month from December to 11,026 yuan (US$1,673) per square meter, the China Index Academy said in its latest report.

The hike was lower than the 0.74 percent gain in December and 0.5 percent rise in November, said the academy, which tracks 100 cities across the country.

Nationwide, prices rose in 60 cities from a month earlier while they fell in 39 cities and was flat in one.

Huizhou in Guangdong Province saw the biggest monthly rise of 5.45 percent, followed by Shenzhen’s 5.24 percent and Dongguan’s 5.07 percent, the academy said.

Compared to December, the average prices in the 10 largest cities rose 0.54 percent to 20,736 yuan per square meter, the academy said.

“Home prices continued to grow despite a decelerating pace on a monthly basis amid comparatively stable demand and decreasing supply as the Chinese new year is approaching,” the academy said.

“Looking forward, home prices in general are set to be steady or climb moderately while certain cities may see rather notable gains.”

On an annual basis, the average price of a new home jumped 4.37 percent in January, accelerating from the 4.15 percent rise in December.

In Shanghai, the area of new homes sold, excluding government-subsidized affordable housing, declined 29.1 percent from December to 1.34 million square meters last month, a report said.

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