Friends, buckle up, because Shanghai’s property market is sending a clear signal: luxury is king, and affordability is on the move. Today, we saw a surge of 11 new residential projects approved for sale – a total of 1577 units spanning a hefty 225,000 square meters across eight districts.
Photo source:www.rprealtyplus.com
But let’s cut to the chase. While there’s some attempt to address basic demand, the real story is the relentless push upwards in the high-end segment. We’re talking serious money, folks.
Leading the charge is Green Town’s Chao Ming Oriental in Xuhui Riverside. Forget everything you thought you knew about price ceilings; this project just blew them away with an average price of 195,000 yuan per square meter. That’s right, eclipsing even Hong Kong Land’s Q Yuan which previously held the record at 178,000 yuan.
Essentially, this positions it as Shanghai’s second most expensive new development, trailing only the ultra-exclusive Cuiluhu Tiandi Phase VI (at a whopping 210,000 yuan/sqm). We’re talking about spacious 274-584 square meter apartments and penthouses geared towards the ultra-wealthy.
Let’s break down what’s happening here, beyond the headlines:
Firstly, the trend reflects a clear demand from high-net-worth individuals seeking prime locations and top-tier amenities. This isn’t just about housing; it’s about asset acquisition and lifestyle.
Secondly, the shift towards ‘outer’ districts for more affordable options indicates a growing willingness among average buyers to compromise on location for price. Shanghai’s sprawl continues.
Thirdly, the eye-watering verification requirements – a cool 30 million yuan just to view the Chao Ming Oriental show flats – perfectly illustrate the exclusive nature of this market. It’s a stark reminder of the widening gap.
Finally, these approvals signal a continued attempt to meet demand, but the emphasis remains heavily skewed toward the luxury end. Don’t expect miracles for the average homebuyer anytime soon.
