Advertisement
Shanghai luxury homes as much as 1 million yuan more expensive, as sellers capitalise on upgrade demand following two-month Covid-19 lockdown
- In some cases, owners have raised prices by 1 million yuan overnight
- Shanghai still China’s best city to live in, says business owner looking for a bigger home
Reading Time:2 minutes
Why you can trust SCMP
The prices of high-end homes – those priced above 10 million yuan (US$1.5 million) – have shot up in Shanghai amid increasing demand for more spacious flats following the city’s two-month long citywide Covid-19 lockdown.
Advertisement
Asking prices have risen in the past few weeks because of demand, and in some cases, owners have raised prices by 1 million yuan overnight.
And the rarity of such houses, particularly in Shanghai’s prime locations, could yet lead to further increases in the coming months.
“The demand for big flats in good locations is going unmet,” said You Liangzhou, who owns Baonuo, a property agency in Pudong. “In many cases, several buyers have had to bid for the same property, giving owners the opportunity to raise prices.”
A three-bedroom flat in Pudong, east of Shanghai’s Huangpu River, on the market for about 12 million yuan, could see its price rise by as much as 1 million yuan if potential buyers bid on it, You said.
Advertisement
The lockdown in Shanghai between April and May this year has created demand for spacious homes, after the city’s residents were kept homebound within their compounds for two months. Moreover, a series of chaotic scenes and tragic incidents during the lockdown has not tarnished the reputation of mainland China’s commercial and financial capital.
Advertisement