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Property Prices Still Too High to Afford: Survey

Most Shanghai residents consider property prices of between 5,000-7,000 yuan (US$616-US$863) per square meter to be reasonable, considerably less than current prices, according to a survey last week, eastday.com reported Monday.

Those selecting 5,000-7,000 yuan amounted to 51.6 percent of total respondents; 7,000-10,000 yuan to 30.3 percent; and more than 10,000 yuan to 10.5 percent, the survey indicated.

Only a few properties in Shanghai are priced between 5,000 yuan and 7,000 yuan per square meter, so most residents' perception of value is lower than prevailing market prices, said a survey analyst.

Nearly 90 percent of respondents consider existing housing prices to be too high.

The new property loan policies offered by local banks are also failing to spur market demand. Only 9.5 percent of residents said they would purchase a home within one year; 22.5 percent planned to buy within two years; 21.9 percent will purchase within three years and 32 percent intend to buy thereafter.

(Shanghai Daily November 1, 2005)

Real Estate Climate Index Down 0.29%
Real Estate Prices Rise 12% in Shenzhen
Hong Kong Residents Buy Real Estate in Beijing
Hainan Sets to Squeeze Housing Bubble
House Prices Fall 10% in Shanghai
Real Estate Climate Index Down in August
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