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Posts: 2381

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Q: How much does it cost to buy a house in China?

I've seen a few references in the foreign media to a Chinese housing bubble and read that buying houses is very expensive here. Is this really true?

I've seen plenty of people give figures for the cost of renting here, but haven't seen even the most vague ball-park figures for buying costs.

Obviously, I know it will vary from city to city, and presumably Beijing and Shanghai are the worst.

12 years 7 weeks ago in  Housing - China

 
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Here in Guangzhou, if you want a nice, new place it runs about 15k per square meter.

On the high side I have seen 40k per sq. meter and on the low side I have seen 8k per sq. meter.

In places like Shanghai, it can get insane.  I have seen up to 80k per sq. meter.

In Beijing, it can get stupid.  Want inside the 2nd circle?  Plan on spending around 150k per sq. meter.

Also, when you buy a brand new place, it is literally bear concrete walls.  No decoration, plumbing, wiring, nothing.  Not even a deadbolt.

MissA:

Ain't all that cheap then, really, but still less than home. Thanks for the info.

12 years 7 weeks ago
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Xpat.John:

To give you an idea of how much prices have changed, when I bought my place 5 years ago, it was second hand and already immaculately decorated. I paid about 5.5k per sq. meter. A new group of buildings right next to me start at 35k per sq. meter. The inflation in price housing is insane. There is almost no way someone making 4k per month can afford to buy a home. (Especially since you will need to come up with at least 50% down.)

12 years 7 weeks ago
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MissA:

Yep, that's more than six months income for one square metre, at a wage of 4-5,000! Even if both sides of a couple work, how the hell do they do it?

12 years 7 weeks ago
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Jíliú.hé:

convert to feet 1 meter = 3.2808399 feet (3 feet 3⅜ inches)

12 years 7 weeks ago
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12 years 7 weeks ago
 
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Hahahahahahahaha
only 2000yuan in in my wifes city in Dom Bei

MissA:

2,000 quai? Is that a typo or are you living in the world's dodgiest village?!

12 years 7 weeks ago
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Shining_brow:

Dom Bei? Or Dong Bei (lit. East North) Which city?

12 years 7 weeks ago
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philbravery:

per m2 of course Hailin just north of Mudanjiang

12 years 7 weeks ago
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12 years 7 weeks ago
 
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The place I'm currently living in was built after the local unis and high school got togetehr to put it up for their teachers, so was sold to them pretty cheap - about 3k/sqm. Now, they're valued at over 7K/sqm. But, we're on the outskirts of the city itself (HZ). Go further in, and it costs stacks more... but not as bad as BJ or SH, but still... in fact, Hangzhou was one of the few cities that didn't have a housing price rise in the last financial year (or was it quarter?? I heard somehing like that).

Not as bad as back home?? Really??? I've seen apartments in CBD Melbourne (Swantson, Flinders etc) for less than 300K. Given incomes etc, that's not too bad! A normal house (much bigger than a unit in China) is usually under 600K. (for capital cities... much cheaper for country citiets).

MissA:

Hmmm, well there's a different cost/income/purchasing power/debt dynamic for home, but in general I'd still say the figures given above are less than for Sydney, which is my reference point. 300,000 would buy you a shoebox one-bedder in a sought after suburb, an okay/nice flat in the 'burbs but with most likely a bitch of a commute into the bargain, or a nice house in the outer suburbs with an even worse commute.

12 years 7 weeks ago
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Shining_brow:

Oh Sydney... well.... seriously over-priced city! Personally, I'd never want to live there... unless it's out Katoomba/Blue Mountains way.

12 years 7 weeks ago
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MissA:

Mountains are the way to go: my family are from outside of the city, but further south than the blue mountains. Its much, much nicer than the urban sprawl, but the commute is a real pain in the arse if you have to work in the city.

12 years 7 weeks ago
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Shining_brow:

No-one 'has to' work in the city... or anywhere else, for that matter :p Sounds nice! I tell all my students (and anyone else who cares to listen) that while the rest of the world may think Sydney is great, most Aussies hate it :p Oh, that's why I'm living where I am now... I look out my big bay glass doors, and see hills (sometimes with snow on them). Much better than looking at... more buildings (although, I have some of that too:( )

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Here in Guangxi Province, price also varies depending on city or even area within  a city.

In Nanning, prices fluctuate between 5500 Rmb and 6500 per sq meter of new construction.
And all that will give you is bare concrete walls, windows and a front door, nothing else.
You will have to get floors, walls, inner dooors, cabinets, kitchen fixtures and bathroom
fixtures also.  Of course, A/c units also.  That should add from 100K to 500K to the apartment cost.

Now, in smaller cities nearby, for example Pingguo, you can get a nice penthouse apartment for 2K Rmb/sq meter.  Also there is a new development near BeiHai, on the coast, selling for that price.

Unfortunately, those selling apartments also know this, and would ask for same price if you show any interest on theirs.  The one live in was under 500,000 Rmb including terminations
maybe 8 years ago, today is at least 1.5 million.

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Shifu

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yuans dollars or euros

and what is the average unit of land?

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12 years 7 weeks ago
 
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If you refer to my post, all cost numbers are in yuan (it is not yuans, but yuan).

And in China, the average unit of land area is called a "mu".

One acre is 6.07 mu, and one mu is 666.7 sq meters

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different city with different price .

MissA:

I realise that, I addressed that in the question.

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