New Homes Prices Hits Record High in February

New Homes Prices Hits Record High in FebruaryAverage prices of new homes in the city has hit a new record high in February which surged to 27,942 yuan per square meter with a year on year growth rate of 21 percent. The city’s urban planning, land and resources commission said that the home prices have been increasing slowly for six months since September. Then in February around 1,985 new apartments were sold but none were purchased from February 15 to 20.

Average price of homes in Luohu, Nanshan and Futian have exceeded 42,000 yuan per square meter and average price in Luohu topped at 46,236 yuan per square meter with a month to month growth of 3.3 percent. Furthermore driven by sales of high end apartments the average prices in Longgang and Bao’an district has increased to 22,431 and 26,493 yuan per square meter and the average price in Longhua New Area dropped to about 26,777 per square meter.

To further entice buyers the People’s Bank of China has cut interest rates on one year loans from commercial banks by a quarter of by 5.35 percent. Then the interest rate paid on a one year deposit was also lowered by a quarter or 2.5 percent. This news will make home prices to increase even more.

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