Prices of about one third of Shanghai's residential projects available for sale have risen more than 30 percent over the past 12 months, a survey released yesterday by a local industry researcher has found.
The survey, conducted recently by Shanghai Youwin Real Estate Information Service Co Ltd, tracked more than 300 housing projects in the city covering apartment and villa developments, all of which were actively traded over the past year.
"Among all 357 projects, 40 have jumped by 50 to 100 percent during the year-long period, accounting for 11.2 percent of the total," said Xue Jianxiong, head of research at Youwin. "Most of them are located in new emerging residential areas with apartments mainly in Sanlin and Gaoqiao in Pudong New Area and New Jiangwan Town in Yangpu District as well as villas in Qingpu, Songjiang, Jiading and Minhang districts."
A rapid development of infrastructure and ancillary facilities in surrounding areas of the projects has contributed to the significant price increases, the survey said.
Shanghai Crystal Palace, a luxury villa project near Sheshan Hill, Songjiang, led all gainers with an amazing price increase of 15,840 yuan (US$2,140) per square meter. It sold at an average price of 42,200 yuan per square meter over the past three months against 26,380 yuan per square meter a year earlier.
Yanlord Riverside City in Pudong New Area, or Yanlord Town II, came in second with a 12-month price rise of 15,034 yuan per square meter, followed by Far Glory in Jing'an and The Bund Side in Huangpu, which each rose by 12,699 yuan per square meter and 11,246 yuan per square meter respectively.
The survey also found that 64 projects, or 17.9 percent of the total, have seen their prices either climbing or falling by less than five percent, remaining almost unchanged from a year earlier.
(Shanghai Daily December 14, 2007)