In 2022, the average price for residential real estate in Shenzhen was over 55.700 thousand yuan per square meter. This was the highest price among all major cities in China, with the average price across the country amounting to 17,359 yuan per square meter.
A pillar of the Chinese economy
China gradually abolished its welfare housing allocation system and liberalized its real estate market in the 1990s. In 2003, the government declared the real estate sector as one of the pillars of the Chinese economy. Thanks to the country's rapid economic development and urbanization, China's real estate market expanded significantly in the last two decades, with the sector accounting for about seven percent of China's GDP in 2022.
Unaffordable in major urban centers
While the real estate industry greatly contributed to the growth of China's economy, the housing market boom also created social issues and financial risks. In comparison to household income, property prices in major cities, most notably Shanghai, Beijing, Guangzhou, and Shenzhen, are extraordinarily expensive for average citizens. Soaring housing prices have also led to a rapid division of wealth between homeowners and renters. At the same time, debt problems created by the rapid expansion of real estate companies and the high levels of debt accumulated by Chinese citizens have created serious potential hazards for China's financial system.
Sale price of residential real estate in 35 large and medium-sized cities in China in 2022
(in yuan per square meter)
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National Bureau of Statistics of China. (October 16, 2023). Sale price of residential real estate in 35 large and medium-sized cities in China in 2022 (in yuan per square meter) [Graph]. In Statista. Retrieved December 14, 2024, from https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/
National Bureau of Statistics of China. "Sale price of residential real estate in 35 large and medium-sized cities in China in 2022 (in yuan per square meter)." Chart. October 16, 2023. Statista. Accessed December 14, 2024. https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/
National Bureau of Statistics of China. (2023). Sale price of residential real estate in 35 large and medium-sized cities in China in 2022 (in yuan per square meter). Statista. Statista Inc.. Accessed: December 14, 2024. https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/
National Bureau of Statistics of China. "Sale Price of Residential Real Estate in 35 Large and Medium-sized Cities in China in 2022 (in Yuan per Square Meter)." Statista, Statista Inc., 16 Oct 2023, https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/
National Bureau of Statistics of China, Sale price of residential real estate in 35 large and medium-sized cities in China in 2022 (in yuan per square meter) Statista, https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/ (last visited December 14, 2024)
Sale price of residential real estate in 35 large and medium-sized cities in China in 2022 (in yuan per square meter) [Graph], National Bureau of Statistics of China, October 16, 2023. [Online]. Available: https://www.statista.com/statistics/243404/sale-price-of-residential-real-estate-in-china/