New homes cost rises faster in November

By Cherry Cao | December 1, 2015, Tuesday |

Online Edition

THE average cost of new homes in China rose at a faster pace in November, despite a decrease in the number of cities seeing month-over-month price gains, the China Index Academy said in a latest report.

The mean selling price of new residential properties in 100 cities climbed 0.46 percent to 10,899 yuan (US$1,700) per square meter, up from a 0.28 percent rise in October, the academy said.

Nationwide, prices gained in 41 cities, down seven cities from October. Prices fell in 56 cities while remaining unchanged in three.

In the 10 largest cities, new houses sold for an average 20,391 yuan per square meter, a month-on-month increase of 0.99 percent.

Shenzhen continued to lead gainers with a rise of 2.54 percent for new homes, followed by Shanghai and Wuhan, which was up 1.4 percent and 1.26 percent, respectively.

"In general, home prices across the country continued their recovery in November with transactions in first-, second- and third-tier cities all picking up steadily amid a batch of favorable policies," the academy said. "Looking forward, while some first- and second-tier cities still face pressure of increased prices due to robust market demand as well as feverish land auction market, the majority of second- and third-tier cities will likely see home prices stablize gradually amid a reduction in inventory."

In Shanghai, new home transaction volume exceeded 1.49 million square meters last month, a proof of very strong sentiment among buyers.

Real Estate

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New homes cost rises faster in November

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