Price increase on second-hand home to slow down
10/2/2004 14:50
With home buyers and sellers gradually holding a more rational attitude,
the second-hand housing prices in Shanghai are expected to slow increase this
year, the Labor Post reported today.
The benchmark index for the second-hand
housing prices reached 1,273 points in January this year, up 18 points, or 1.4
percent from a month before, the Shanghai Existing Property Index Office
reported yesterday.
Thanks to improved living conditions, a growing number
of local residents sell their old apartments and purchase new ones, with such
group usually setting reasonable prices for their apartments, said an industry
analyst.
Reduction on short-term investments in the local real estate market
has also slowed the increase of pre-owned home prices, the analyst pointed
out.
Local downtown areas are no longer the top consideration of home buyers
in Shanghai, while common wage earners are opting to purchase properties in
sub-downtown areas accessible to traffic.
The areas registering big price
increases last month were Taopu and Zhenbei area of Putuo District, Century Park
and Luoshan area of Pudong District, Hanghua, Qibao and Xinzhuang area of
Minhang District. However, the average housing prices in city center had small
price rise in January.
Wendy Zhang/ Shanghai Daily news
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