New home cost keeps climbing

By Cherry Cao | February 1, 2016, Monday |

Online Edition

THE mean 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 rate was lower than the 0.74 percent gain in December and 0.5 percent rise in November, according to 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 remained flat in one.

Huizhou in southern Guangdong Province recorded the biggest month-over-month increase of 5.45 percent, followed by Shenzhen at 5.24 percent and Dongguan at 5.07 percent, the academy's data showed.

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

"Home prices continued to register growth 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 expected to remain steady or climb moderately whilr certain cities may see rather notable gains."

On a year-on-year basis, the mean price of a new home jumped 4.37 percent in January, accelerating from the 4.15 percent rise registered in December. Prices rose in 40 cities and dropped in the remaining 60, the academy said.

In Shanghai, strength extended for another month in January, according to a report released today by the Shanghai Homelink Real Estate Agency Co.

The area of new residential properties sold, excluding government-subsidized affordable housing, fell 29.1 percent from December to 1.34 million square meters last month. Despite the drop, it was the highest January volume registered since 2006, Homelink data showed. On a year-on-year basis, it represented a surge of 76.9 percent.

The mean selling price of new homes, meanwhile, climbed 6.9 percent from a month earlier to 35,882 yuan per square meter, a result of structural shift.

Citywide, a residential project in Yangjing, Pudong New Area, unloaded 192 units at an average cost of nearly 70,000 yuan per square meter last month, earning itself the title of most sought-after housing development in January, according to Homelink data.

Real Estate

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New home cost keeps climbing

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