A stable housing price increase coupled with a rebound in transaction volumes have boosted Shanghai's second-hand housing index over the past month, the local index compiler said yesterday.

 

The index, released monthly by www.ehomeday.com and tracks prices for used apartments across the city, jumped 4.61 percent to 2,185 in November to record its 20th consecutive month of increase.

 

"Unlike October when volume shrank by nearly 30 percent from a month earlier, the local market has rebounded during the past month as we have noticed a rekindled interest from home buyers amid a growing supply," said Huang Weiwei, an ehomeway analyst. "However, we believe there will be growing pressure for certain adjustments in the local housing market, though the long-term bull sentiment will remain."

 

Citywide, privatized public apartments in the Pudong New Area led gainers in November with an average increase of 6.21 percent. In particular, those in Lujiazui area soared 9.82 percent, according to the compiler.

 

Next came downtown Huangpu District with a jump of 5.74 percent. Other major gainers included Huaihai Road, Nanjing Road, Zhongyuan in Yangpu District, Pengpu in Zhabei District and Hanghua and Qibao - two nearby areas - in Minghang District which rose 5.99 percent, 6.92 percent, 5.9 percent, 6.37 percent and 6.75 percent, respectively.

 

Meanwhile, the local rental index, which is also compiled by the website, rose 1.9 percent to 1,116 last month with mixed performances in different categories.

 

The average rent for high-end apartments, which usually is more than 6,000 yuan (US$800) per month for a regular two-bedroom apartment, dipped 0.5 percent with major losers including East Nanjing Road, Xintiandi, Laoximen, Zhenning Road and Xujiahui.

 

Middle-class properties, which are leased for between 2,000 yuan and 6,000 yuan per month for a regular two-bedroom apartment, edged up 0.9 percent from a month earlier, with those in Huangpu and Hongkou districts rising the most.

 

The average rent for the city's privatized public apartments gained 3.2 percent last month, with Pudong New Area as well as districts of Xuhui, Minhang, Hongkou, Huangpu, Putuo and Changning all rising.

 

(Shanghai Daily December 11, 2007)