The CBRE Group recently announced the most expensive places to buy property in the world, and the news confirmed something that people in Shenzhen were already painfully aware of: Shenzhen is one of the most expensive places in the world to buy property. To be precise, the fifth most expensive place.
The average price to buy a property in Shenzhen is now a jaw dropping USD680,283. That puts the city above such places as New York, Paris, and London. That’s right, it’s more expensive on average to buy a property in Shenzhen than it is in London now.
Shenzhen’s rise on the list can be attributed to its continued establishment as the Silicon Valley of China. Many of the country’s largest tech companies are based in the city including mobile phone manufacturers Huawei and tech giants Tencent. As a result, Shenzhen’s economy grew to RMB2.4 trillion and surpassed that of Hong Kong’s for the first time in 2018, while the GDP growth rates for 2019 are over 8%.
If it’s any consolation, there are still more expensive places to buy. In fact, there are two alone in the China region. Shanghai came in third with average property prices at USD872,555. Meanwhile, just over the border, Hong Kong was busy topping the entire list with a quite ridiculous average property price of USD1,235,220. So, it could be worse!
For those interested, you can check out the full top 10 below.
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