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Shanghai housing prices hit new high in Aug

(chinadaily.com.cn)
Updated: 2009-09-01 14:32

The average housing price in Shanghai rose to a historical new high in August, according to the National Business Daily.

Related readings:  More new houses to curb rising Shanghai housing prices  Middle class feels locked out of housing market  Beijing commercial housing to average 17,000 yuan/sm  Housing price up 1.0% in July

Xue Jianxiong, an analyst from housing consultancy company E-house China, said the average housing price was driven up by the soaring trading volume of luxury apartments.

The trading volume of high-end apartments, which have prices higher than 30,000 yuan ($4391.87) per sq m, accounted for 12 percent of the total, a big increase from the four percent in June last year, according to Lu Qilin from housing information provider Youwin.

Figures from Youwin and E-house China show the average housing price in August reached 18,501 yuan per sq m, setting a record high. The average price of newly-built houses in Shanghai increased by 14.6 percent from one year earlier to 18,126 yuan per sq m.

The CRIC data system of E-house China shows in the first 30 days in August, the total supply of housing in Shanghai amounted to 1.34 million sq m, up four percent, and the trading volume totaled 1.60 million sq m, down 18.3 percent.

Xue predicted the housing supply and demand will be around 1.50 million sq m in September and October. And as the housing supply and demand will be comparatively balanced, the upward trend of housing prices in Shanghai will slow down, he added.