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In Shanghai, High Prices Keep Lid on Real-Estate Stimulus
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There is cramped space for renters and limited supply of housing space per capita in Shanghai, China. After a decade of hyper building China still lacks affordable housing space. The residential space per capita in Shanghai is only 183 square feet or 17 square metres per person- about the size of a small room. And estimates by GK Dragonomics Research show one third of China's 225 million households lack kitchens and plumbing. At the same time housing is increasingly unaffordable for the middle class. Government restrictions on price increases reflect growing concern with the fact that the average Shanghai residential home sold for about $276,000 in 2011, even though annual per capita income in Shanghai is about $13,000. Prices for homes in Shanghai increased 2.6 times in 5 years, according to the Shanghai Urban Real Estate Surveyors Company. With the slowdown in construction developers are working through inventories, and more homes were sold than built in 2012, compared to about 1.5 units built for every unit sold in 2011.
Faces in China's real estate markets
03/05/2012
Even with the hyper building of the last decade there is a limited supply of per capita housing space in Shanghai, China. The result is cramped housing space for renters in many cities. With the lack of affordable housing in real estate markets the government is focussing on building more affordable housing and regulating the market to prevent further price increases.
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Linked Articles
In Shanghai, High Prices Keep Lid on Real-Estate Stimulus
Wall Street Journal 08/01/2012
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