Real estate prices will rise in Shanghai

Real estate prices are rising in prime cities

Property price growth in China's prime cities Beijing, Shanghai, Guangzhou and Shenzhen accelerated in January. In less popular regions, the price increase slowed moderately, announced the National Statistics Office on Monday. In the country's four most important cities, prices for new homes rose by an average of 0.4 percent; in December the increase was 0.2 percent, reported the office that monitors property prices in 70 Chinese cities.

Beijing prices were unchanged from the previous month, while Shanghai, Guangzhou and Shenzhen saw month-on-month increases of 0.5 percent, 0.3 percent and 0.5 percent, respectively. On the market for existing properties, prices in the four cities rose by an average of 0.5 percent; in December, growth was still 0.4 percent. Shenzhen leads with a monthly plus of 0.7 percent, while prices in Beijing, Guangzhou and Shanghai rose 0.4 percent, 0.3 percent and 0.2 percent, respectively.

New housing prices rose an average of 0.2 percent and 0.4 percent in 31 secondary cities and 35 third-tier cities, after rising 0.3 percent and 0.6 percent in December. Prices for existing properties in secondary cities were unchanged from the previous month, compared with a 0.1 percent increase in December. In third-tier cities, the prices for existing properties even rose by an average of 0.2 percent compared to the previous month.

New property prices rose the most in Jinzhou, Liaoning Province. There was an increase of four percent in January. That was the biggest increase from the previous month, the bureau's data show. Year-over-year, prices for new real estate in first, second and third tier cities rose 3.8 percent, 6.9 percent and 6.4 percent, respectively. In the market for existing properties, they increased by 2.2 percent, 3.4 percent and 3.7 percent, respectively, compared to the same period of the previous year.