New | Secondary home sales perk up in Beijing and Shanghai after gains in prices slow down
Growth in secondary home prices boost transactions in November
An easing in price gains helped drive up transactions in secondary home markets last month in China’s top two cities -- Beijing and Shanghai, the latest SCMP-Century 21 index showed.
“The housing market towards the end of this year will buck the traditional trend of a slack season in winter time,” said property consultancy Century 21 China Real Estate, partner of the South China Morning Post for the monthly index.
The average asking price for existing homes in Beijing rose only 0.01 per cent, month on month, in November, slowing from October’s one-year record increase of 1.1 per cent.
The pace also eased in Shanghai to 0.6 per cent last month from October’s 1.6 per cent.
But they still marked the 15th and the 14th straight month of price increases in China’s capital city and financial hub respectively, under intensified government efforts to aid an industry still struggling against oversupply, particularly in small cities.
“In the secondary market, demand is mainly from end-users, including first-time buyers and upgraders,” Century 21 said. “For them, it’s still good time to buy at the end of this year.”
