Can you make a guess as to which city boasts of the highest real estate prices. Is it New York? No, then it must be Tokyo. No, wrong again, the title goes to Shanghai. A villa in Shanghai set a record price for the city’s property market when it sold this week for 138,214 Yuan or ($20,385) per square meter. Surprised? You shouldn’t be because Shanghai is the city that is generating the maximum of new money and new millionaires and new billionaires.
Let me now put the new record prices in perspective. It is almost double the average price you would pay in Manhattan which is a respectable $11,420 per square meter. You are not surprised but shocked. Well, this is not just a one off property developed for a special buyer but part of a series of 18 luxury Villas unveiled in July. The sizes range from 494 to 669 square meters.
The prices for the rest of the development has been also confirmed at almost the same level at 138,000 Yuan per square meter. These group of villas which is attracting record breaking prices has been developed on a location on Yinliu Road in Zhangjiang. If you want a prestigious address in China now you know where to get it.