The residential market is still red hot. According to new research average home prices in Shanghai leapt 68% last year while Beijing shot up 66% and Shenzhen 51%.
But not only did the values rocket. So did the number of sales. Transactions recorded during 2009 in these and other Chinese “first-tier” cities matched the combined total of activity in the previous three years.
Knight Frank, the London-based global property company, has just released the data, which marks the beginning of its joint venture with Beijing Holdways Information & Technology, a Chinese real estate consultancy, to produce reliable information on the world’s largest market.
The figures clearly show that the $585 billion stimulus package unwrapped by the Chinese government had an immediate, and massive, effect.
New York Times reports that in the analysis, Tomson Riviera, in Shanghai’s Pudong area, claimed the title of the country’s most expensive real estate, at $2,209 per square foot.