Shanghai Downtown Housing Prices Skyrocket
Housing prices continue to skyrocket. Ho hum. What’s new? Aren’t housing prices out of reach everywhere in the world?
But..but..Shanghai is seeing prices rise even more quickly.
According to ehomeday.com four locations in downtown Shanghai saw growth of more than 20% compared to last year.
Luwan – up 20.6%
Xuhui – up 22.2%
Zhabei – up 24%
Hongkou – up 41.6%!
This despite the government’s best efforts to cool things down.
So, how much do houses cost in Shanghai?
Residential APARTMENTS in Shanghai were up 5.1% over last month to abt 9,147 yuan ($1,156) per square meter = abt $107 sq ft. A 1000 sq ft house/apt costs $107,000.
The average price leading up to Golden Week for all residences – apartments, villa, budget homes was $1,122 per square meter up 8.5% in one week!!
My bet is Shanghaiese are totally freaked out about these climbing prices.
Sounds a lot like me an my neighbors in Silicon Valley.
Help!
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