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12
Jul
2010
Real estate prices in Xi'an E-mail
City Life - Real Estate
Written by Tang Tang
As of today, the average housing cost of downtown Xi’an, the most developed and inhabited metropolis in Northwestern China, is slightly over 5,500 CNY per square meter (646 EURO or 820 USD). For a common household comprising of 3 family members, an apartment measuring 70 square meters or more (753 ft2) is essential in comfortable accommodation. Preferable is an apartment of 100 square meters or larger in size which would be worth over 550,000 CNY or 82,000  USD. And that is without any interiors nor furnitures at all.

Though not much for some US residents and EU citizens, that’s a ton of money for a common household in Xi’an, China, let alone an individual. Multiply it by 5 and you get the rough average real estate price for Beijing and Shanghai.

After a soar in real estate price level for the last 3 years in China, it has become rather difficult for the ordinary working class to own their own houses, especially in Beijing, Shanghai and Shenzhen. That’s why the state government has recently issued a series of regulations to restrict the housing price from elevating any further. The hope is - without jeopardizing economy growth - that the deep-pocket speculators stop stocking properties that are meant for underprivileged buyers and make the price return to an affordable level. A bubble can never be good when it bursts...

Author of this article: Tang Tang

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Comments  

 
+1 #1 Daemon Borek 2010-08-03 10:22
"Though not much for some US residents and EU citizens, that’s a ton of money for a common household in Xi’an, China, let alone an individual."
Not sure if you noticed or not but, the Chinese are the only people with money these days. 100 metre/2 apartment with a 50-75 year lease at a base price of $82,000 is insane to anyone. AND, that apartment is going to be 3-5km out past the 3rd ring road in some field with nothing around it. If you didn't buy an apartment in Xi'an 5 years ago, you are doomed!
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