Planning to buy an apartment in Shenzhen? Here's some news that might make you think twice:You would need as much as 27.7 years of household income to buy an apartment there,according to E-house China R&D Institute.
This puts Shenzhen on top of the list as the country's least affordable market.
Nationwide among 35 major cities, a family has to save for 10.2 years before they could buy anapartment, said the real estate provider citing 2015 statistics.
China's income growth failed to outrun booming property sector in 2015, as per capitadisposable income grew 8.2 percent, down from 9 percent a year ago, while newly built housingsaw a 9.1 percent surge in price, according to the report.
"For fresh graduates, chances are slim that they could afford an apartment in Shenzhen on theirown," a real estate employee Zhang told China Business News, adding that most second-handflats in the city cost more than 50,000 yuan ($7,707) per square meter.
As of last month, the number of cities with average home price above 10,000 yuan per squaremeter rose to 26 from 20, according to Beijing-based consultancy company Biaozhunpaiming.
The report expects home price in first-tier cities and some second-tier cities such as Hangzhou,Zhengzhou as well as Hefei to rise further this year.
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