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Housing prices up by 253% in last 7 years

(Global Times)

09:47, September 02, 2011

Shanghai's property boom over the past seven years has caused housing prices to soar exponentially by 253 percent, but there are signs that the trend may be slowing, a new study suggests.

In a report released this week by Fudan University, researchers attributed the rising value of homes in the city as the main reason for the jump.

But the drastic situation is starting to slowly change, said Chen Jie, director of the Center of Housing Policy Studies at Fudan University, also the lead researcher of the study.

"Although the impact of the tightening policies implemented early this year have not had a significant impact on the market, housing prices have been increasing at a much slower rate over the past several months," he told the Global Times on Thursday. "We may see this continue."

Chen said that their study found the housing price increase in recent years to be more than double that of the 120 percent figure released by the Shanghai Municipal Statistics Bureau in July.

"Our study focused on private homes, while the government included affordable housing figures into its assessment," said Chen. "So, in fact, our figures more accurately reflect the actual property boom."

He added that some property prices in suburban districts have even surpassed the 253-percent growth rate.

"For example, a home in Putuo district could be bought for around 4,000 yuan ($627) per square meter back at the start of 2004," he said. "But now, home buyers need to pay at least 30,000 yuan, which represents a price increase of 650 percent."

By Miranda Shek, Global Times


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