In 2022, the price for new residential property in Shanghai's inner ring dropped by more than 4,000 yuan per square meter, to 119,244 thousand yuan per square meter. Although the local authorities introduced policies to stabilize the market, the real estate market in Shanghai’s central districts remained under downward pressure, similar to those experienced by other major cities in China.
The most competitive real estate market in the country
Home prices in Shanghai are among the most expensive globally. The area within the city's inner ring road is certainly one of the most competitive real estate markets in all of China, with property prices nearly three times higher than those outside the outer ring road. Rising prices are far beyond the reach of ordinary residents, and the few who can afford to buy often have to take out substantial mortgages for their homes, resulting in a high proportion of real estate in their personal assets.
Challenges facing China’s real estate sector
The high level of indebtedness of the Chinese people and the bubbles in the country's real estate sector have become one of the major risks to China's economy. While developers expanded through continuous borrowing and the sale of off-plan properties to homebuyers, the market saw a significant excess of housing supply in most regions. There have also been instances in recent years where developers have had difficulties in completing construction projects or in repaying their loans or bonds. Addressing the risks in China's real estate sector, particularly in companies such as the Evergrande Group and Country Garden, has become an urgent task to ensure China's economic stability and prosperity.
Average price of newly built residential property in Shanghai, China in 2023, by location
(in yuan per square meter)
Characteristic
Price yuan per square meter
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Shanghai Municipal Statistics Bureau. (March 13, 2024). Average price of newly built residential property in Shanghai, China in 2023, by location (in yuan per square meter) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/
Shanghai Municipal Statistics Bureau. "Average price of newly built residential property in Shanghai, China in 2023, by location (in yuan per square meter)." Chart. March 13, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/
Shanghai Municipal Statistics Bureau. (2024). Average price of newly built residential property in Shanghai, China in 2023, by location (in yuan per square meter). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/
Shanghai Municipal Statistics Bureau. "Average Price of Newly Built Residential Property in Shanghai, China in 2023, by Location (in Yuan per Square Meter)." Statista, Statista Inc., 13 Mar 2024, https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/
Shanghai Municipal Statistics Bureau, Average price of newly built residential property in Shanghai, China in 2023, by location (in yuan per square meter) Statista, https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/ (last visited August 25, 2024)
Average price of newly built residential property in Shanghai, China in 2023, by location (in yuan per square meter) [Graph], Shanghai Municipal Statistics Bureau, March 13, 2024. [Online]. Available: https://www.statista.com/statistics/993524/china-average-price-of-new-residential-property-in-shanghai-by-location/