A new survey puts two Chinese cities – Shenzhen and Shanghai – in the top five fastest-growing property markets despite the Chinese stock market tumbling in 2015. The research, by the estate agents Knight Frank (pdf), also shows the impact of last year’s debt crisis in Greece.
I didn't really need to use the word 'east'.
Everywhere on the east coast of China will merge soon, if it hasn't already.
Rubbish. The but to let market had been eviscerated in the UK, read the news. Flats are always and have always been bought in the UK to rent out, apart from perhaps in central London. Across China flats are bought and kept empty as a matter of course.
Do you deny that millions of Chinese have been lifted out of poverty? Sure, it's not perfect, by any means. But working in a factory seems to suit many of them better than being a subsistence farmer, growing rice or nurturing a cow. Have you tried it? You won't have an internet connection. It would be (i) unavailable (ii) unaffordable and (iii) you couldn't plug your cow into the socket and get decent broadband. And I doubt if they care too much about the architecture. Later on, they might worry if Shenzhen has had a time "to breathe". Right now, they would wonder what planet you are on.
The results also need converting into $ or another currency for consistency. Istanbul is only on the list due to its cratered currency - I guess Harare would have been top a few years ago based on local currency.
Shows the cities where the prices increase the most.
Shenzhen and Guangzhou will merge soon
Thats silly and naieve. Shenzhen was purpose built as an "SEZ" (Special Economic Zone) city, specifically to compete as a player with Western Economies-which it is doing and then some, having scooped up most of The Global Electronics Mkt in less than 35 years. Shenzhen is the product of astute foresight, a feat of hard core urbsn planning, an even greater one of actual building, and last but not least a daily work ethic which is staggering by Western standards. Thats the reality. If you want to see a genuine "money laundering" city, try Las Vegas lol.
No city on this list can justify their insane prices.
Hmmm, invest in Istanbul? Lemme think about that again. Umm, nope! :)
These charcavthers don't need to rent out. They buying top end properties at top end of market. And as for tax lol they won't pay a bean as they all use offshore companies to purchase. Sorry mate but you need to wake up. Stop kidding yourself about looking after the pennies and the pounds looking after themselves crap. This green and pleasent land being sold to the highest bidder with minimal questions asked about the source of the finance. Europe may still hold a lot of money and be an attractive investment for non Europeans. But in years to come Europeans will hold very little wealth themselves. The family silver all being sold off!!
There are thousands of homes left empty for months and years on end by rich foreigners. What planet you living on? London is one of money laundering capitals of world. Its corrupt as hell
Shenzhen, which was nowhere'sville in 1980. Any new city, no matter how hard you try to plan and design, is a sterile soulless place if it hasn't had time to breathe. This world is f***ing mad. Thanks to all those people who blah, blah, blah'ed about "lifting" hundreds of millions of people in China out of poverty, when they were pulling themselves up by their bootstraps. Thanks to all those people: most of you were or are working in banks, and were muttering the trite epithets of global economics from 1990 to 2015. May you look in the mirror and thank yourself on my behalf.
Istanbul and Budapest are two very attractive cities where property is still good value for money. The others on the list seem to be inflated.
Without a similar table showing price per sq m in each city, I don't think that there's much that the analysis shows.
And our oligarchy call this filthy, ugly despoilation and fiscal debauchery -
Agreed. A worldwide epidemic of dodgy money needing a home. Literally. -h
How many people buy flats not to rent out in London? Big difference. Especially with the new tax system; not renting out would make ZERO sense.
Different from London, how many people wouldn leave flats empty without renting them out in London?
Not all that different to london then
Most of these overpriced flats will remain empty. China has a homelessness problem and has built enough dwellings to house all those who need housing and more. However, prices are kept artificially high because these dwellings are used as an investment and kept empty by the owners.
All money laundering . all of it