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.

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.

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.

House price index in China, June, 2025 The most recent value is 120 index points as of Q2 2025, a decline compared to the previous value of 121.64 index points. Historically, the average for China from Q2 2005 to Q2 2025 is 113.63 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

Key information about House Prices Growth

• China house prices dropped 2.5% YoY in Oct 2025, following a decrease of 1.9% YoY in the previous month.
• YoY growth data is updated monthly, available from Mar 1999 to Oct 2025, with an average growth rate of 5.3%.
• 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 MoM in China decreased to -0.50 percent in October from -0.40 percent in September of 2025. This dataset includes a chart with historical data for China House Price Index MoM.

Property Price: YTD Avg: Beijing data was reported at 28,360.916 RMB/sq m in Mar 2025. This records a decrease from the previous number of 36,835.882 RMB/sq m for Feb 2025. Property Price: YTD Avg: Beijing data is updated monthly, averaging 19,466.029 RMB/sq m from Jan 2003 (Median) to Mar 2025, with 267 observations. The data reached an all-time high of 42,343.603 RMB/sq m in Jun 2021 and a record low of 4,515.769 RMB/sq m in Feb 2004. Property Price: YTD Avg: 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: Monthly.

Property Price: Residential: Guangdong: Guangzhou data was reported at 32,433.201 RMB/sq m in 2023. This records an increase from the previous number of 29,454.983 RMB/sq m for 2022. Property Price: Residential: Guangdong: Guangzhou data is updated yearly, averaging 10,925.840 RMB/sq m from Dec 1999 (Median) to 2023, with 25 observations. The data reached an all-time high of 32,433.201 RMB/sq m in 2023 and a record low of 3,946.000 RMB/sq m in 1999. Property Price: Residential: Guangdong: Guangzhou data remains active status in CEIC and is reported by Guangzhou Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PE: Property Price: Residential: Prefecture Level City.

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

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.

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.

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.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

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.

Property Price: Residential: Beijing data was reported at 38,673.191 RMB/sq m in 2024. This records a decrease from the previous number of 46,554.064 RMB/sq m for 2023. Property Price: Residential: Beijing data is updated yearly, averaging 13,224.309 RMB/sq m from Dec 1993 (Median) to 2024, with 31 observations. The data reached an all-time high of 47,784.106 RMB/sq m in 2022 and a record low of 2,255.000 RMB/sq m in 1993. Property Price: Residential: Beijing data remains active status in CEIC and is reported by Beijing Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PE: Property Price: Residential: Prefecture Level City.

The samples in this paper come from panel data of 35 large and medium-sized cities in China from 1999 to 2019(In order to avoid the impact of the COVID-19 Pandemic on the conclusions of this analysis, we use the data before the outbreak of the epidemic for empirical testing). Here, the variables adopted for assessing the housing bubble include price level, resident income, household population, the average wage of staff and land supply. Apart from the housing bubble index which is obtained via assessment, all the other basic data come from official statistics, including the Wind Economic Database, website of the People’s Bank of China, and National Bureau of Statistics website.

The average purchase price of a property by Chinese buyers in the United States increased by more than 100 percent between 2010 and 2025. In 2025, Chinese buyers paid, on average, over *** million U.S. dollars for American properties. With a total of **** billion U.S. dollars, China was the largest foreign buyer of residential real estate in the U.S.

Qingdao: Property Price: Year to Date Avg data was reported at 14,088.400 RMB/sq m in Feb 2025. This records an increase from the previous number of 13,764.970 RMB/sq m for Dec 2024. Qingdao: Property Price: Year to Date Avg data is updated monthly, averaging 8,588.410 RMB/sq m from Feb 2006 (Median) to Feb 2025, with 209 observations. The data reached an all-time high of 15,761.080 RMB/sq m in Feb 2020 and a record low of 3,581.000 RMB/sq m in Feb 2007. Qingdao: Property Price: Year to Date Avg data remains active status in CEIC and is reported by Qingdao Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RK: Shandong: Qingdao Property.

Property Price: Henan: Zhengzhou data was reported at 8,618.752 RMB/sq m in 2023. This records an increase from the previous number of 7,879.385 RMB/sq m for 2022. Property Price: Henan: Zhengzhou data is updated yearly, averaging 5,974.633 RMB/sq m from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 9,833.940 RMB/sq m in 2020 and a record low of 1,917.672 RMB/sq m in 2000. Property Price: Henan: Zhengzhou data remains active status in CEIC and is reported by Zhengzhou Municipal Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PE: Property Price: Prefecture Level City.

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.