Land price in major cities hits 45-month high

The volume of land transactions in first-tier cities increased significantly in November, with average prices hitting a 45-month high, a report said.

Beijing, Shanghai, Guangzhou and Shenzhen saw 8.5 million square meters of land traded last month, a surge of 66.2 percent month-on-month. This represented an 8.9 percent increase over the same period of 2012, a report from E-House China Real Estate Research and Development Institute said on Monday.

These land sites were traded at an average price of 7,490 yuan ($1,230) per sq m, an increase of 29.5 percent month-on-month, and an 81.5 percent rise year-on-year.

"The land price has reached a 45-month high," Zhu Guang, an analyst with E-House China was quoted by Yunnan Info Daily as saying on Wednesday.

Land supplies in first-tier cities are increasing at a faster speed. With the rising trading volume and release of some premium land plots, land prices are expected to see further hikes, Zhu said.