Despite a slowdown in the country's economy, property prices remained relatively high across China in 2022. In Shanghai, the average prices for residential housing exceeded RMB 40,000 per square meter, making the metropolis one of the most expensive cities to live in globally. Meanwhile, many less developed regions, such as the provinces of Guizhou, Gansu, and Guangxi, had average housing prices below RMB 6,000 per square meter.
High property prices in major cities
The commodification of real estate in the 1990s led to a rapid rise in property prices across China over the last three decades. Between 1998 and 2022, average property prices in China rose more than 3.8 times to nearly 10,000 RMB per square meter. The cost of housing in core areas of major urban centers such as Shenzhen, Shanghai, and Beijing can often reach unaffordable levels, even for the middle class.
Key drivers behind the housing price rise
Due to the regional disparities in the country, China's rapid urbanization resulted in a high influx of internal migrants into its eastern cities, resulting in a short housing supply across many regions. At the same time, due to China's unique land and tax system, local governments are often highly dependent on land transfer revenues for their finances. As a result, many regional authorities tend to restrict the supply of available land in the market, further exacerbating property price rises across the country.
FAQs
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.
What cities in China have the most expensive housing? ›
Unaffordable in major urban centers
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.
How much does a house cost in China in US dollars? ›
The average house price in China is around $145,000. However, prices vary greatly depending on the location. For example, Shanghai has a much higher average house price of $470,000 than the rural city of Yancheng, where the average price is only $21,000.
Where are Chinese buying real estate in us? ›
Chinese residential real estate investment is highly concentrated on the Pacific Coast. Foreign buyers tend to spread their investments across the country. But the Chinese nationals concentrate their residential real-estate investment on the Pacific Coast. Almost 40% of Chinese buyers have purchased in California.
What is the average price of a house in Beijing? ›
Beijing, Shanghai and Shenzhen are the three most expensive cities. The average price of real estate in Beijing was 67,951 yuan ($14,000) per square metre in December 2017. If you want to buy a decently sized apartment with two bedrooms at 100 square metres, you would pay 6.8 million yuan ($1.4 million).
How much does a nice apartment cost in China? ›
Renting a one-bedroom apartment in the center of Beijing usually costs about RMB 6,000–15,000 per month (approx. USD 870–2,180). If you decide to live away from the center, the prices of renting apartments will decrease. In that case, the rent is RMB 3,000–9,000 per month (approx.
Where do the richest people live in China? ›
Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world. The city is home to some of China's wealthiest people, many of whom founded massive tech companies.
Where is the cheapest place to live in China? ›
List of 10 Cheapest Places to Live in the China 2024
| S No. | Place | Area (sq. km) |
|---|
| 1 | Chengdu | 12,100 |
| 2 | Xian | 10,000 |
| 3 | Guilin | 27,800 |
| 4 | Kunming | 21,501 |
6 more rowsMar 4, 2024
The most livable cities in China – Hangzhou and Xiamen
The first city on this list has over 8.7 million residents and it is well known for its history and culture. Hangzhou is one of the most prosperous cities in entire China due to its location in the southern part of the Grand Canal and its own natural beauty.
Is it cheaper to live in China or the US? ›
On average, China's cost of living is 45% lower than the U.S according to Numbeo. Rent in China is 60% lower than the U.S. on average. But the cost of items like cars and private school tuition are actually very similar.
The home ownership rate in China is about 90%, much higher than in many Western countries, and many urban families buy multiple properties as investments.
What is the average salary in China? ›
In China, the average monthly salary is 29,300 Yuan (Chinese Yuan), equating to USD 4,214 (US dollars) per month according to the exchange rate in May 2023 (according to Salary Explorer). Note: Renminbi (abbreviated RMB) is the official currency of China.
How much does China owe the US? ›
Do any US citizens own property in China? ›
Yes, China does allow foreigners to buy property. But there are a few requirements you'll need to meet as a US citizen venturing into the Chinese property market. These are the country-wide rules, but there may also be other requirements depending on which region you're looking to buy in.
How many acres does China own in the USA? ›
China owns 384,000 acres of American agricultural land. That's a 30% increase just since 2019. And on top of that, they own land near an air force base in North Dakota.
How much does it cost to buy a land in China? ›
Land Price: Shanghai data was reported at 29,764.000 RMB/sq m in Sep 2021. This records an increase from the previous number of 29,693.000 RMB/sq m for Jun 2021. Land Price: Shanghai data is updated quarterly, averaging 14,113.000 RMB/sq m from Mar 2004 (Median) to Sep 2021, with 71 observations.
Is it really expensive to live in China? ›
For a family of four, estimated monthly expenses without rent average around 2,016.1 USD (14,583.5 CNY), while a single person's estimated monthly costs are approximately 556.8 USD (4,027.2 CNY). These estimates suggest that living in China is notably less expensive than in the United States.
What is the average income in China? ›
In China, the average monthly salary is 29,300 Yuan (Chinese Yuan), equating to USD 4,214 (US dollars) per month according to the exchange rate in May 2023 (according to Salary Explorer). Note: Renminbi (abbreviated RMB) is the official currency of China.
What is the average housing price to income in China? ›
In the past 15 years, national average housing prices soared from RMB 2885 per square meter in 2005 to RMB 6626 per square meter in 2020, leading China's housing price-to-income ratio of 29.06 in 2020 to rank seventh globally 1.
