Sale price of residential real estate in China 2022, by city

In 2022, the average price for residential real estate in Shenzhen was over 55.700 thousand yuan per square meter. This was the highest price among all major cities in China, with the average price across the country amounting to 17,359 yuan per square meter. A pillar of the Chinese economyChina 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 centersWhile 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.

于2022年，深圳市住宅房地产的平均价格为每平方米超过55.700千元，位居中国所有主要城市之首。全国平均房价为每平方米17,359元。自20世纪90年代起，中国逐步废除了福利住房分配制度，并放宽了房地产市场。2003年，政府宣布房地产业成为中国经济的重要支柱。得益于国家经济的快速发展和城市化，过去二十年间，中国的房地产市场显著扩张，至2022年，该行业约占中国GDP的7%。在主要城市中心，房价高昂尽管房地产行业极大地促进了中国经济的发展，但房地产市场繁荣也引发了社会问题和金融风险。与家庭收入相比，上海、北京、广州和深圳等主要城市的房价对于普通市民而言尤为昂贵。房价的飙升也导致了业主与租户之间财富分配的迅速分化。与此同时，房地产公司快速扩张所引发的债务问题和中国人民积累的高额债务为中国的金融系统带来了严重的潜在风险。