 |
|
A villa in suburban Shanghai. Suburban villas are still popular among the wealthy in Shanghai amid increasing concerns over urban air quality. (Photo/China Daily) |
Hong Zhijian, a 54-year-old company owner in Shanghai, drives from his downtown home to his suburban villa every Friday evening. Like many of the wealthiest people in Shanghai, he owns several properties in the city which serve various functions.
"After I retire, I think I will move to a village in remote suburban Shanghai, raise some chickens and keep a dog. I may also rent a small patch of a paddy field," said Hong.
Despite the fact that Hong owns four properties in the city while many people are struggling to even get on the housing ladder, Hong said he has so far failed to achieve his ideal lifestyle in one of China's most populous cities.
Getting the ideal home in Shanghai is never an easy task, given its population density, as well as the city's high house prices and limited land supplies.
The definitions of ideal housing change fast. Land supplies, average income levels, cultural trends and demographic dynamics have made Shanghai's high-end property market more diverse than ever these days.
Suburban villas, spacious downtown apartments, riverside high-rise luxurious apartments and serviced apartments are among the favorite housing options for Shanghai's richest people.
A typical luxury house in Shanghai in the 1930s was a mansion in the city center with several bedrooms and function rooms. These mansions had a superior location in today's Huangpu, Xuhui and Jing'an districts. Today, most of these houses have either been transformed for commercial use as boutiques, hotels or restaurants, or have been protected as cultural heritage. Some have spacious courtyards that could host equestrian drills.
One can hardly find a residence like these 1930s mansions nowadays due to the lack of available land in the city. Also, today's residents have different requirements for their lifestyle. Many rich people have built cellars in the basements of their villas, or transformed a bedroom into an entertainment room and even a gym.
As population density increases in Shanghai, luxury housing is not limited to three-story buildings such as mansions and villas. High-rise projects such as apartment buildings are also sought after. The definition of prestigious locations has also broadened, with a greater focus on the city's financial center and business districts such as Lujiazui and Nanjing Road.
"In the 2000s, high-rise residential buildings with river views were among the most popular. These reminded people of Victoria Harbor in Hong Kong and Westminster in London," said Du Jun, a realty agent in Lujiazui.
Du said one of the most expensive apartments in the Lujiazui area was priced at more than 90 million yuan ($14.57 million) excluding decorations and amenities.
Many of Shanghai's richest have properties in the Lujiazui and Xintiandi areas. The average property price now stands higher than 70,000 yuan per square meter in many of these compounds, which have easy access to supermarkets and schools, and command impressive views. Prices at some residential compounds could reach 200,000 yuan per sq m, but transactions in these are not as active as those under 100,000 yuan per sq m.
Suburban villas remain popular among billionaires in Shanghai amid increasing concerns over urban air quality.
Transactions of more than 80 million yuan often take place in Songjiang and Changning districts, two traditional villa hubs which boast the freshest air and highest forest coverage rate in the sprawling city. In September 2014, a 120-million-yuan villa was purchased in Sheshan, Songjiang district, near botanical gardens and a national forest park.
Mounting awareness of pollution and air quality issues have also affected the high-end housing market for foreigners, which accounts for a significant share of the city's high-end residential market.
"Serviced apartments are among foreigners' first choice when considering a residence," said a research report by realty services provider DTZ East China.
