In 2022, the total value of personal housing loans in Shanghai exceeded 1.68 trillion yuan, representing an increase from the previous year. With the city’s housing market being incredibly competitive in the past two decades, the total value of mortgage loans in the city has increased by more than 24 times since the turn of the century.
A competitive housing market
As the economic capital of China, Shanghai has long been attractive to talents throughout the country, resulting in strong growth in its population. Since the housing reform in the 1990s, the price of homes in Shanghai has risen continuously, with housing in the city’s center becoming one of the most expensive in the world.
High mortgage rates
The increase in prices fueled intense speculations in the city’s housing market, with many residents resorting to mortgages to get on the housing ladder. Although the average mortgage rate in Shanghai is one of the lowest in China, it is still far higher than that in most other major economies. The consistent rise of the total mortgage value in Shanghai can potentially harm the financial security of the country and the region.
Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022
(in billion yuan)
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Shanghai Municipal Statistics Bureau. (March 21, 2024). Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022 (in billion yuan) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/
Shanghai Municipal Statistics Bureau. "Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022 (in billion yuan)." Chart. March 21, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/
Shanghai Municipal Statistics Bureau. (2024). Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022 (in billion yuan). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/
Shanghai Municipal Statistics Bureau. "Total Value of Personal Housing Mortgage Loans in Shanghai, China from 2001 to 2022 (in Billion Yuan)." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/
Shanghai Municipal Statistics Bureau, Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022 (in billion yuan) Statista, https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/ (last visited November 21, 2024)
Total value of personal housing mortgage loans in Shanghai, China from 2001 to 2022 (in billion yuan) [Graph], Shanghai Municipal Statistics Bureau, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1326312/china-value-of-personal-housing-loans-in-shanghai/