In 2022, the average price of real estate in China was approximately 9,991 yuan per square meter, representing a decrease from the previous year.
Rising prices in the real estate market
Since the 1998 housing reform, property prices in China have been rising continuously. Housing in the country is now often unaffordable, especially considering the modest per capita income of Chinese households. Shanghai and Beijing even have some of the most competitive real estate markets in the world. The rapid growth in housing prices has increased wealth among homeowners, while it also led to a culture of speculation among buyers and real estate developers. Housing was treated as investments, with owners expecting the prices to grow further every year.
Risk factors
The expectation of a steadily growing real estate market has created a property bubble and a potential debt crisis. As Chinese real estate giants, such as China Evergrande and Country Garden, operate by continuously acquiring land plots and initiating new projects, which often require substantial loans and investments, a slowdown in property demands or a decline in home prices can significantly affect the financial situation of these companies, putting China’s banks in a vulnerable position. In addition, due to a lack of regulations and monetary constraints, the long-term maintenance issues of high-rise apartments are also a concern to the sustainable development of China’s cities.
Average real estate sale price in China between 1998 and 2022
(in yuan per square meter)
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National Bureau of Statistics of China. (October 16, 2023). Average real estate sale price in China between 1998 and 2022 (in yuan per square meter) [Graph]. In Statista. Retrieved October 08, 2024, from https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/
National Bureau of Statistics of China. "Average real estate sale price in China between 1998 and 2022 (in yuan per square meter)." Chart. October 16, 2023. Statista. Accessed October 08, 2024. https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/
National Bureau of Statistics of China. (2023). Average real estate sale price in China between 1998 and 2022 (in yuan per square meter). Statista. Statista Inc.. Accessed: October 08, 2024. https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/
National Bureau of Statistics of China. "Average Real Estate Sale Price in China between 1998 and 2022 (in Yuan per Square Meter)." Statista, Statista Inc., 16 Oct 2023, https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/
National Bureau of Statistics of China, Average real estate sale price in China between 1998 and 2022 (in yuan per square meter) Statista, https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/ (last visited October 08, 2024)
Average real estate sale price in China between 1998 and 2022 (in yuan per square meter) [Graph], National Bureau of Statistics of China, October 16, 2023. [Online]. Available: https://www.statista.com/statistics/242851/average-real-estate-sale-price-in-china/