Despite a slowdown in the country's economy, property prices remained relatively high across China in 2023. In Shanghai, the average prices for residential housing exceeded ****** yuan 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 ***** yuan 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 2023, average property prices in China ************************* to more than ****** yuan 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.

In 2023, the average price of real estate in China was approximately ****** 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.

Graph and download economic data for Real Residential Property Prices for China (QCNR628BIS) from Q2 2005 to Q1 2025 about China, residential, HPI, housing, real, price index, indexes, and price.

China Property Price: YTD Avg: Overall data was reported at 9,510.153 RMB/sq m in Mar 2025. This records a decrease from the previous number of 9,547.228 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Overall data is updated monthly, averaging 5,157.474 RMB/sq m from Dec 1995 (Median) to Mar 2025, with 352 observations. The data reached an all-time high of 11,029.538 RMB/sq m in Feb 2021 and a record low of 599.276 RMB/sq m in Feb 1996. China Property Price: YTD Avg: Overall data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

Housing Index in China decreased by 3.50 percent in May from -4 percent in April of 2025. This dataset provides the latest reported value for - China Newly Built House Prices YoY Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, the average price for residential real estate in Shenzhen 50,010 yuan per square meter. This was the highest price among all major cities in China, with the average price across the country amounting to 16,780 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.

Property Price: YTD Avg: Residential: Beijing data was reported at 38,602.820 RMB/sq m in Mar 2025. This records a decrease from the previous number of 50,761.107 RMB/sq m for Feb 2025. Property Price: YTD Avg: Residential: Beijing data is updated monthly, averaging 17,854.027 RMB/sq m from Mar 1998 (Median) to Mar 2025, with 325 observations. The data reached an all-time high of 51,371.078 RMB/sq m in Feb 2023 and a record low of 3,182.527 RMB/sq m in Mar 1999. Property Price: YTD Avg: Residential: Beijing data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Residential: Monthly.

CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: First Tier City data was reported at 96.900 Prev Year=100 in Mar 2025. This records an increase from the previous number of 96.650 Prev Year=100 for Feb 2025. CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: First Tier City data is updated monthly, averaging 103.800 Prev Year=100 from Jan 2011 (Median) to Mar 2025, with 171 observations. The data reached an all-time high of 130.775 Prev Year=100 in Apr 2016 and a record low of 94.700 Prev Year=100 in Sep 2024. CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: First Tier City data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: Average: By City Tier.

Key information about House Prices Growth

• China house prices dropped 4.1% YoY in Dec 2024, following a decrease of 4.8% YoY in the previous month.
• YoY growth data is updated monthly, available from Mar 1999 to Dec 2024, with an average growth rate of 7.4%.
• House price data reached an all-time high of 25.0% in Feb 2010 and a record low of -12.6% in Apr 1999.

House price index in China, December, 2024 The most recent value is 122.7 index points as of Q4 2024, a decline compared to the previous value of 124.93 index points. Historically, the average for China from Q2 2005 to Q4 2024 is 113.45 index points. The minimum of 75.87 index points was recorded in Q2 2005, while the maximum of 145.91 index points was reached in Q3 2021. | TheGlobalEconomy.com

In 2022, the price for new residential property in Shanghai's inner ring dropped by more than ***** yuan per square meter, to ******* yuan per square meter. Although the local authorities introduced policies to stabilize the market, the real estate market in Shanghai’s central districts remained under downward pressure, similar to those experienced by other major cities in China. The most competitive real estate market in the country Home prices in Shanghai are among the most expensive globally. The area within the city's inner ring road is certainly one of the most competitive real estate markets in all of China, with property prices nearly *********** higher than those outside the outer ring road. Rising prices are far beyond the reach of ordinary residents, and the few who can afford to buy often have to take out substantial mortgages for their homes, resulting in a high proportion of real estate in their personal assets. Challenges facing China’s real estate sector The high level of indebtedness of the Chinese people and the bubbles in the country's real estate sector have become one of the major risks to China's economy. While developers expanded through continuous borrowing and the sale of off-plan properties to homebuyers, the market saw a significant excess of housing supply in most regions. There have also been instances in recent years where developers have had difficulties in completing construction projects or in repaying their loans or bonds. Addressing the risks in China's real estate sector, particularly in companies such as the Evergrande Group and Country Garden, has become an urgent task to ensure China's economic stability and prosperity.

CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: Third Tier City data was reported at 94.157 Prev Year=100 in Mar 2025. This records an increase from the previous number of 94.054 Prev Year=100 for Feb 2025. CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: Third Tier City data is updated monthly, averaging 102.677 Prev Year=100 from Jan 2011 (Median) to Mar 2025, with 171 observations. The data reached an all-time high of 111.663 Prev Year=100 in Apr 2019 and a record low of 93.343 Prev Year=100 in May 2015. CN: Property Price Index: New Constructed: Commodity Residential: below 90 sq m: Average: Third Tier City data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: Average: By City Tier.

In 2023, the average selling price of residential property in China was 10,864 yuan per square meter, a slight increase of 264 yuan from the previous year. Property prices in China have almost doubled over the past decade, but the market boom has been losing steam since around 2021.

Property Price: YTD Avg: Shanghai data was reported at 39,575.041 RMB/sq m in Mar 2025. This records an increase from the previous number of 38,438.579 RMB/sq m for Feb 2025. Property Price: YTD Avg: Shanghai data is updated monthly, averaging 16,245.712 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 49,301.406 RMB/sq m in Feb 2021 and a record low of 3,659.000 RMB/sq m in Feb 2003. Property Price: YTD Avg: Shanghai data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

China Property Price Index: Secondary Market: Residential: 90-144 sq m: Average: First Tier City data was reported at 96.175 Prev Year=100 in Mar 2025. This records an increase from the previous number of 95.275 Prev Year=100 for Feb 2025. China Property Price Index: Secondary Market: Residential: 90-144 sq m: Average: First Tier City data is updated monthly, averaging 102.350 Prev Year=100 from Jan 2011 (Median) to Mar 2025, with 171 observations. The data reached an all-time high of 134.775 Prev Year=100 in Apr 2016 and a record low of 90.000 Prev Year=100 in Sep 2024. China Property Price Index: Secondary Market: Residential: 90-144 sq m: Average: First Tier City data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.EA: Property Price Index: Average: By City Tier.

Property Price: YTD Avg: Tianjin data was reported at 13,223.463 RMB/sq m in Mar 2025. This records a decrease from the previous number of 16,261.136 RMB/sq m for Feb 2025. Property Price: YTD Avg: Tianjin data is updated monthly, averaging 8,988.753 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 17,359.168 RMB/sq m in Feb 2021 and a record low of 2,344.484 RMB/sq m in Feb 2003. Property Price: YTD Avg: Tianjin data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

China Property Price: YTD Avg: Commercial Bldg: Existing House: Overall data was reported at 8,550.513 RMB/sq m in Mar 2025. This records a decrease from the previous number of 8,738.992 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Commercial Bldg: Existing House: Overall data is updated monthly, averaging 8,677.458 RMB/sq m from Jan 2006 (Median) to Mar 2025, with 230 observations. The data reached an all-time high of 10,824.073 RMB/sq m in Mar 2019 and a record low of 4,227.000 RMB/sq m in Jun 2006. China Property Price: YTD Avg: Commercial Bldg: Existing House: Overall data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Commercial Building: Monthly.

In 2023, the average cost of office properties in China amounted to almost 14 thousand yuan per square meter. The price increased steeply since 2003 when the average price was below 4,200 yuan per square meter. However, the price rises in office properties did not match the dramatic development of the residential housing market, where average prices increased around 400 percent since 2000.

In 2023, with an average price reaching 46,783 yuan per square meter, Beijing had the most unaffordable residential housing market in China. The costs for housing were also high in eastern economic powerhouses, such as the municipalities of Shanghai and Tianjin, as well as the provinces of Zhejiang, Jiangsu, and Fujian. On average, the price for apartments in the country was 10,864 yuan per square meter in 2023.

In 2023, the average price of residential housing sold in Shanghai, the most important economic hub of China, reaching ****** yuan per square meter, making the city one of the least affordable cities in the country. The housing market boom Since the housing reform in the 1990s, the prices of homes in Shanghai have increased almost every year, thanks to the growth of the city’s population and, thus, the high demands in the housing market. The high property prices gradually became out of reach for most residents, who earn an annual per capita income of only ******* yuan in 2023. Residential properties in the city center were especially unaffordable, as newly built homes located within Shanghai's inner ring road had an average price of ******* yuan in 2023, ********* more expensive than their counterparts outside the outer ring road. Risks and interventions The high price not only made living in the city expensive for its residents, but also posed a grave risk to China’s financial system. In the first 20 years of this century, the total value of personal housing mortgage loans in Shanghai increased by ******************, and defaults of any moderate scale can be consequential. Therefore, both the central and the municipal authorities had been attempting to curb the continuous rise of property costs in Shanghai, through the increase in the supply of housing stocks and policies limiting speculations in the market. However, most measures were not as effective as anticipated.