Surprise, Hong Kong's next door neighbour Shenzhen is the priciest city in China
Shenzhen’s new home prices clock a 39 pc rise in 2015 to become nation’s most expensive, according to SouFun
Beijing and Shanghai have been toppled from their top-of-the-pyramid status in real estate by a seemingly unlikely candidate.
Shenzhen has stolen the crown as China’s most expensive housing market after a year of torrid price gains elevated the border city well above its tier-1 counterparts to the north.
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Average new home prices in the city jumped 39 per cent in 2015 to 42,591 yuan per square metre (HK$50,691), according to monthly index data released Friday by SouFun , which tracks prices in 100 mainland Chinese cities.
SouFun data indicates that Shenzhen technically overtook China’s two largest cities from June, holding its position at the top of the tables for six straight months.
In explaining the city’s transformation into the China’s priciest real estate market, analysts point to surging population growth and other changes to its economic structure.
The population in Shenzhen has surged from roughly 18 million to 21 million in one to two years