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Mixed outlook on cost of homes (5)

(China Daily)

08:22, August 28, 2012

The average price of Fortune Residence, on the east bank of Huangpu River, climbed from 89,301 yuan a square meter in February to 93,578 yuan a square meter in July.

One potential buyer of Shimao Riviera Garden, who declined to be named, said he has been following prices of riverside apartments for half a year and now believes it is a good time to buy.

"Average prices are climbing back to a higher point but some developers and first-hand apartment owners who want to sell are still offering discounts. If I wait for another half year, I may miss the window," he said.

Many buyers purchased apartments as an investment rather than to live in, which shows that investors and even speculators are coming back to the Shanghai realty market, said Xue Jianxiong, an analyst with China Real Estate Information Corp, a realty information provider.

During the past 18 months, price controls affected the realty market, suppressing purchasing ability and slowing the pace of development. As a result, there may be a shortage of supply in the future, which will push up prices, said Xue.

Without further controls in addition to the tough ones imposed in January 2012, it is very likely realty markets will revert to a situation in which both prices and trade volumes will surge, Xue said.

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