Shenzhen Housing Prices At Record Levels

07/07/2016

In June, the average price of Shenzhen's primary residential houses leaps to first place. Image: m.fang

The primary residential housing price in Shenzhen has set a new record last month with an average purchase price higher than that in other first-tier cities.

According to statistics released by the Urban Planning, Land & Resources Commission of Shenzhen Municipality, in June, the average price of primary residential houses is 61,756 yuan per square meter, an increase of 10.6% compared to May and 101% year on year. Meanwhile, the average price in Beijing was 36,259 yuan/㎡and in Shanghai 35,815 yuan/㎡ based on statistics from Midland Realty Research Center.

In the first half of this year, high end real estate such as The Peninsula phase 3 and The Icon entered the market significantly driving up average prices. Furthermore, the restricted availability of land in Shenzhen compared to Beijing and Shanghai added pressure. 

Image: BWPI

Shenzhen real estate purchases are almost exclusively in the white collar sector whilst a small number of non-local wealthy buyers also exist despite tight government policy against outside purchase, according to He Qianru, director of Midland Realty Research Center.
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Ms.He also suggested that through the end of the third quarter, a potential glut in primary residences on the market might potentially slow further increases.
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Read article at finance.ce

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