Apartment leasing to be tracked
Shanghai launched an official index system to track the apartment leasing
market yesterday in a move to improve transparency and efficiency in the
Three new benchmark monthly indexes will separately track rents and
their fluctuations in the city's high-, medium- and low-quality apartments, said
the Shanghai Existing Property Index Office, which compiles the index. The
office comes under Shanghai Housing and Land Administrative Bureau.
readings will be released with detailed rental levels on the second Monday of
every month, which are based on surveys of the city's nine major residential
areas, including Xujiahui in Xuhui District and Gubei in Changning District,
according to the office.
"The new index system will offer residents accurate
information on housing rents," said Pang Yuan, vice chairman of the bureau.
"This is a big step towards improving transparency in the city's housing rental
In addition, new indexes tracking serviced apartments and office
buildings will debut in the next few months, the office told Shanghai Daily
The city's apartment leasing market has been expanding since the
beginning of this year, pushed by strong demand for high-grade housing, said
According to a FPDSavills Property report, the occupancy
rate of serviced apartments in Shanghai hit a record high of 90.05 percent at
the end of July while the average monthly rental of Grade A offices in the city
rose 2.8 percent to over US$20 per square meter during the first six months.