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Cost of Living in Shanghai

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The cost of living in Shanghai is considered the highest in China. According to Mercer’s 2023 Cost of Living Survey, it’s the 12th most expensive city out of 227 cities for expats.

Depending on an expat’s budget, some will naturally opt for a more economical lifestyle in the city, while others tend to live more extravagantly than they would back home, taking advantage of Shanghai’s luxuries and renowned nightlife.

Regardless of which end of the spectrum an expat lives on, it’s essential to be informed of the basic cost of living in Shanghai before arriving.

Cost of accommodation in Shanghai

Shanghai, known as the ‘Paris of the East’, is a bustling metropolis that offers expats a unique blend of modernity and traditional Chinese culture. Expat accommodation in Shanghai can be described as diverse, with options ranging from high-end luxury apartments to more affordable and cosy flats.

The cost of accommodation in Shanghai can vary depending on factors such as location, size, and amenities. Expats looking to live in popular areas such as Jing’an or Xintiandi can expect to pay a premium, while those who opt for more residential areas like Hongkou or Yangpu may find more affordable options.

Despite the varying costs, one thing that remains consistent is the high demand for quality housing in Shanghai, making it crucial for expats to do their due diligence before settling on a place to call home.

Cost of transport in Shanghai

One of the most populous cities in the world, Shanghai boasts a modern and efficient transport system that caters to the needs of expats and locals alike. The cost of transport in Shanghai can be described as reasonable, with various modes of transport available to suit different budgets and preferences.

For expats looking to explore the city, Shanghai’s extensive subway network is a popular and affordable option. With clean and spacious carriages, the subway provides a fast and convenient way to get around Shanghai’s sprawling metropolis.

Alternatively, for those seeking a more leisurely mode of transport, the city’s iconic yellow taxis are readily available and largely inexpensive. For the environmentally conscious, bike-sharing services have become increasingly popular recently, providing a healthy and cost-effective way to explore the city.

Cost of groceries and shopping in Shanghai

The great thing about buying groceries in Shanghai is that just about anything can be found in foreign supermarkets. Imported produce is more expensive, though. Although the bigger shops may have a larger organic selection, buying vegetables from local vendors is often half the price of fresh produce from supermarkets.

Some of the best bargains in Shanghai can be found in its local markets. Spread throughout the city, these places are a fantastic way for savvy shoppers to find deals on pearls, electronics, antiques, books and branded clothing. Quality, selection and authenticity may be lacking, but expats can frequently haggle prices down to a fraction of what they would be sold for abroad.

On the other hand, prices for luxury goods at places such as the malls on Nanjing Road are in line with those in North America and Europe.

Cost of healthcare in Shanghai

The cost of healthcare in Shanghai varies dramatically. In the case of emergencies, fees at a private hospital in China would add up quite similarly to those in a Western country. As a result, medical insurance is essential for expats to ensure they can access the best care at a reasonable cost.

Cost of entertainment and eating out in Shanghai

Shanghai, a city that never sleeps, offers expats an endless array of entertainment options that cater to all tastes and preferences. The cost of entertainment in Shanghai varies widely, with options ranging from high-end luxury experiences to more low-cost and casual outings.

For expats looking to indulge in the city’s vibrant nightlife, Shanghai’s plethora of bars and clubs provide a glamorous and exciting experience. From chic rooftop bars overlooking the city skyline to underground speakeasies that offer a more intimate atmosphere, the nightlife scene in Shanghai is both diverse and vibrant.

Those seeking a more laid-back evening will find Shanghai offers a range of cultural experiences, such as visiting traditional tea houses, enjoying a performance at the Shanghai Grand Theatre, or exploring the city’s art galleries and museums.

Shanghai is also known for its excellent cuisine, with a vast selection of restaurants and street food vendors offering a culinary journey that caters to all budgets. From Michelin-starred restaurants to humble food stalls, Shanghai’s food scene offers a gastronomic adventure that is both diverse and economical.

Cost of education in Shanghai

Shanghai has a reputation for offering high-quality education, making it an attractive destination for expats looking to provide their children with an international education. The cost of education in Shanghai can be described as modest, with a range of options available to suit different budgets and academic requirements.

International schools in Shanghai are a popular choice for expats, providing students with a globally recognised curriculum and a diverse student body. While the cost of tuition at international schools can vary, they generally offer a highly competitive standard of education. Additionally, some international schools in Shanghai offer boarding options, allowing students to access a full-time education that includes accommodation and meals.

There are also a range of local schools in Shanghai that offer Mandarin-immersion programmes for expats looking for more affordable options. These schools can offer a more authentic Chinese learning experience, while still giving students a quality education at a lower cost.

Cost of living in Shanghai chart

Prices may vary depending on the product and service provider. The list below shows average prices for Shanghai in March 2023.

Accommodation (monthly rent)
Three-bedroom apartment in the city centre	RMB 21,000
Three-bedroom apartment outside the city centre	RMB 10,400
One-bedroom apartment in the city centre	RMB 7,800
One-bedroom apartment outside the city centre	RMB 4,000
Food and drink
Dozen eggs	RMB 22
Milk (1 litre)	RMB 20
Rice (1kg)	RMB 8. 96
Loaf of white bread	RMB 18.04
Chicken breasts (1kg)	RMB 34
Pack of cigarettes (Marlboro)	RMB 25
Eating out
Three-course meal for two at a mid-range restaurant	RMB 290
Big Mac meal	RMB 41
Coca-Cola (330ml)	RMB 3.76
Cappuccino	RMB 28
Bottle of beer (local)	RMB 6
Utilities/household
Mobile call rate (per minute – mobile to mobile)	RMB 0. 20
Internet (uncapped ADSL or cable – average per month)	RMB 117
Basic utilities (average per month for a standard household)	RMB 500
Transportation
Taxi rate/km	RMB 3
City-centre public transport fare	RMB 4
Gasoline (per litre)	RMB 9

Expat Health Insurance

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Moving Companies

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Shanghai real estate prices plummet as wealthy sell up in wake of party congress — Radio Free Asia

Taiwanese investors sell up hotels and restaurants, as state companies are ordered to buy up housing for employees

2022.10.26

The prices of some luxury apartments in Shanghai have tumbled in the wake of the Communist Party congress, with wealthy Chinese and Taiwanese owners looking to offload their assets amid what they see as a major shift in economic policy, Radio Free Asia has learned.

“People are dumping apartments; prices of many luxury homes have fallen by 30 or 40 percent compared with market prices [before the party congress],” Shanghai real estate broker Zhao Ting told RFA in a recent interview.

“They are all getting out; they are worried it will be too late if they don’t sell now,” Zhao said.

Online advertisements showed the “negotiable” asking price for a large penthouse in the Chateau Pinnacle development, the former residence of actress Carina Lau, at 35,990,000 yuan after the party congress, compared with an earlier listing of 60 million yuan in September.

Meanwhile, a luxury penthouse in the city’s Finance Street Rongyu development was listed with an asking price of 50 million yuan on Oct. 23, compared with 55 million yuan last month.

The changes come as Communist Party leader Xi Jinping begins a third and potentially indefinite term in office, pledging to take greater state control of the economy, removing power and influence from the private sector and curbing private wealth.

‘Common Prosperity”

Xi’s “common prosperity” and “Chinese-style modernization” policies refer to the broadening of an ongoing crackdown on private tech giants like Alibaba and Didi Chuxing, using regulatory investigations, Communist Party committees in major companies and direct orders from the top.

Last year, Chinese regulators blocked a planned U.S. $35 billion initial public offering for Alibaba founder Jack Ma’s fintech Ant Group in Hong Kong, and ordered the operators of ride-hailing app Didi Chuxing to delist from the New York Stock Exchange.

According to Zhao Ting, most of Shanghai’s wealthiest people have already left the country, or at least transferred their assets overseas.

Those still trying to sell off luxury property in the city had likely failed to realize the likely implications of Xi’s ideology and leadership for their personal wealth and privilege.

“There is no longer any illusion of hope for the future under the current leadership,” Zhao said. “And it has become clear to everyone that they will continue to develop the zero-COVID policy” of constant mass-testing, constant tracking of individuals’ movements and restrictions on personal freedom.

Zhou Ning, a real estate broker in the central province of Hubei, said similar patterns are visible in other Chinese cities and provinces, with sell-offs under way in Wuhan, Beijing, Jiangsu and Zhejiang.

“Large numbers of rich people are now selling off their assets in China, especially wealthy people in Shanghai and Beijing,” Zhou told RFA, adding that they are adapting to the new reality with “a flexible attitude.”

“A lot of their privately owned assets are being bought up by state-owned enterprises,” he said. “Some of my friends have bought up hotels and restaurants from Taiwanese.”

“Taiwanese people feel that there has been a change of policy direction, so they are selling.”

Unfinished apartment buildings stand at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang Autonomous Region, China, Sept. 17, 2022. Credit: Reuters

He said the nationalization of assets will continue to spread.

“Assets have to be nationalized now,” Zhou said, citing the old days of the planned economy before mass state-sector layoffs in the 1990s, in which “nobody had to pay to get an education or see a doctor.”

“Since the Chinese Communist Party’s 20th National Congress, they are adopting a new planned economy model.”

The business news website Yicai reported on Sept. 27 that local governments across China are encouraging state-owned enterprises to buy up suitable residential property to use as affordable housing for local people.

Notices ordering group purchases have been posted on official government websites in the eastern city of Wenzhou and the Shanghai provincial capital Jinan, order the purchase of commercially available housing for housing reserves and lease purposes, it said.

China’s real estate sector has sparked social unrest across the country in recent months, with mortgage boycotts in protest over unfinished buildings spreading more than 300 locations across the country, and forcing the Chinese government to move to shore up confidence in the banking sector.

Translated and edited by Luisetta Mudie.

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What is the secret of Shanghai’s incredible economic growth, in particular the real estate market!? ?

Author Narine Mkhitaryan Reading 6 min Views 496
Updated 12/01/2022

Shanghai is one of the ten cities in the world with the most expensive housing. This largest metropolis, one of the most densely populated cities on the planet, is located in the Yangtze Delta. The Yangtze Delta is a unique place in its nature: several rich and dynamically developing cities have grown in this small area. It is believed that this happened due to the peculiarities of the mentality of the local population: incredible hard work and propensity for entrepreneurship even by Chinese standards. This character was formed as a result of hard work in the rice fields.

Article content:

Features of the real estate market
Luxury and cheap real estate
Taxes and maintenance
Legal aspects
Development prospects

Features of the Shanghai real estate market

Another catalyst for Shanghai’s economic success has been its geographical location. The port in the South China Sea was an ideal place to trade with the west. Great Britain opened the sea trade route to Shanghai, having won the First Opium War. And until the Second World War, Shanghai was the most open city in the world, where adventurers from all over the world gathered. They brought with them technologies, ideas and culture, thanks to which the city developed dynamically.

Westerners developed and built Shanghai to their own taste

And this is noticeable in the architecture and style of the city, everything looks very European. For this, Shanghai was even nicknamed the “Paris of the East.” The market reforms of 1992 also gave a good start to the current prosperity of the city, at the same time a plan for modern development was developed.

Loyalty towards foreigners also manifests itself in real estate. Since 2013, a number of bans on buying and selling real estate have been enacted across China. Shanghai was the only city not affected by these restrictions . For example, China banned the sale of housing to foreigners living in the country for less than a year.

They can buy apartments in houses under construction only if their readiness for putting into operation has exceeded 80%. Also, you cannot buy housing that is intended for low-income Chinese citizens.

Shanghai’s most beautiful district, the Vaitan, is considered by tourists and locals to be a “museum of world architecture.” Here are collected samples of various trends in world architecture: art deco, gothic, classicism and a number of others. The most expensive area in the city is Pudong, where the financial and business forces of all of China are concentrated.

Luxury, expensive, cheap real estate in Shanghai

At the beginning of the year, luxury real estate in China was in crisis: more than 246,000 properties in 54 major cities were sold at a price that was underestimated by 20%. The cities of the so-called first level suffered the most (including Shanghai), where the devaluation of real estate reached 30%.

However, the downside of the crisis is that it provoked an increase in supply on the market. Already in March, the number of housing offered for sale doubled compared to the same period in 2014. This, despite the fact that the cost of one square meter of luxury housing in Shanghai can reach up to $20,400.

The most prestigious area of the city is Pudong, located on the east side of the Huangpu River. For example, here the cost of a 122 m2 apartment in an elite residential complex is almost a million dollars. For a villa of 400 m2 in the same area, you will need to pay 5.3 million dollars.

Last November, the most expensive home in Shanghai’s history was sold. It was a penthouse in the Lujiazui area: overlooking the famous Huangpu River and a futuristic skyline with hundreds of skyscrapers.

In general, each area of the city is a separate real estate market with its own prices and features. In any area apartments in different price categories will be presented. In general, the apartments in Shanghai, which are put up for sale, are quite comfortable. The buyer does not have to purchase additional large-sized pieces of furniture or equipment (cabinets, stove). You can buy or rent housing through real estate companies or by contacting the owner of the apartment directly.

If the buyer expects to take out a loan from a local bank for the transaction, then he must take into account that the bank will require a certificate of official employment. If we talk about average prices in the city, then for a square meter in the center of Shanghai, you will need to pay $ 11.656.

In the residential area “square” residential real estate is much cheaper – only 4.820 $. Renting a one-bedroom apartment in the center of Shanghai will cost $1,035 per month, while renting a one-bedroom apartment on the outskirts of the city will cost half as much ($464). You can rent an apartment of a larger area, for example, with three bedrooms in the center of the “Paris of the East” for $ 2.625, in a residential area – for $ 1.100.

Taxes and property maintenance in Shanghai

Shanghai was one of the first cities where the Chinese government introduced a property tax in 2011. Until that day, housing used for living throughout the country was exempt from tax. Now every residential property is taxed, in Shanghai its rate ranges from 0.4 to 0.6%.

The taxable amount is not the full cost of housing, but only 70% of its value , since a 30% deduction is temporarily established. The value of housing for tax purposes is valued at market value and is updated periodically.

In addition, since 2010, first time buyers in Shanghai can benefit from a 1% tax relief compared to the standard 1.5%. A prerequisite for this is the area of the purchased housing: it must be more than 90 m2.

Legal aspects of buying property in Shanghai

Shanghai, along with Beijing, is considered one of the most difficult cities to buy property. The Chinese government has created barriers to the purchase of commercial and residential real estate. This was necessary in order to contain the rise in prices.

In particular, the ban on buying real estate was imposed on foreign organizations that have neither representative offices nor branches in China. Foreigners who have lived in China for less than a year are also not allowed to buy houses and apartments in China. Thus, those wishing to invest finance in Chinese real estate with a view to subsequent rental will be disappointed.

A limit has been introduced on the number of residential properties that can be owned

In Shanghai, this limit is limited to one apartment. Those who want to purchase more apartments or houses will have to provide certificates that they have paid taxes on their income in favor of the social segment for a long time. In addition, only married Chinese can become full owners of apartments in Shanghai. Single citizens can not apply for the purchase of housing.

Statistics, forecasts for the development of the real estate market in Shanghai.

The forecast for the development of the real estate market in Shanghai roughly repeats the forecast for China as a whole. According to ratings agency Moody’s, sales in China are expected to grow at a moderate pace thanks to government policies. Annual sales growth over the next year will be approximately five percent .

In addition, the agency has upgraded the country’s rating from negative to stable, which is a good sign for those who want to buy real estate in China, and in Shanghai in particular. The specialists expect that the work of the Chinese government will lead to lower mortgage down payments and increase the availability of loans.

Updated 2023 Price List of Cost of Living in Shanghai

Are you thinking of moving to Shanghai? If so, you’re probably wondering what the cost of living is in this bustling metropolis. In this article, you will find information about average expenses in Shanghai, from housing and food to transportation and entertainment, so you can better plan your budget.

History of Shanghai
Shanghai is one of the most densely populated cities in the world with over 24 million people. It is also one of the most popular tourist destinations due to its rich history and culture. But what many people don’t know is that Shanghai has a long and fascinating history dating back thousands of years.

The earliest known inhabitants of Shanghai were the Sanxingdui people who lived in the area over 4,000 years ago. The first mention of Shanghai dates back to 751 AD, when it is mentioned in a Chinese document as a small fishing village. By the 10th century, Shanghai had grown into a prosperous city, and by the 12th century it had become one of the largest cities in China.

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Benefits of Living in Shanghai

Affordable cost of living:

Despite being a large city, the cost of living in Shanghai is relatively affordable. This is especially true when compared to other cities of similar size and status.

Vibrant Nightlife:

If you enjoy walking and exploring different nightlife spots, then Shanghai is the place for you. There is always something to do in this city, from bars and clubs to concert venues.

Delicious food:

One of the best things about Shanghai is the food. You’ll find everything from traditional Chinese food to international cuisine, so there’s something for every taste.

Convenient transportation:

Getting around Shanghai is easy and convenient thanks to the well-developed public transportation system. Whether you take the subway or a taxi, getting from point A to point B is not difficult.

Rich culture and history:

As one of the oldest cities in China, Shanghai has a rich culture and history that is evident in its architecture, art and museums. There is always something to explore in this vibrant city.

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Shanghai Gross Domestic Product
Shanghai is China’s largest city and one of the most populous cities in the world. Therefore, it is not surprising that the cost of living in Shanghai is quite high. According to the World Bank, the average cost of living in Shanghai is about $1,500 per month. This amount includes the cost of housing, food, transportation and entertainment.

In addition, your actual costs will vary depending on your lifestyle and shopping habits. This figure gives you a rough idea of what you can expect if you move to Shanghai. So, if you’re considering moving to this bustling metropolis, be sure to consider the cost of living when budgeting for a new life in China.

One of the biggest factors in your cost of living will be food. Shanghai is home to a wide variety of cuisines, so you’ll never get tired of eating out. However, it is important to note that dining out can be quite expensive. Dinner for two at a mid-range restaurant can cost upwards of $100. If you’re on a budget, you might be better off sticking to street food or eating at home more often.

Food in Shanghai is also expensive. You can expect to pay around $100 a week for basic groceries like milk, bread, and eggs. If you cook more complex meals, your grocery bill will be even higher. Again, if you’re not careful, eating out can quickly eat into your budget.

If you are planning to move to Shanghai, one of the first things you will need to budget for is accommodation. The cost of renting an apartment in Shanghai varies depending on the area and the size of the apartment, but the average price is around RMB 8,000 per month. For those on a tight budget, there are also many shared accommodation options, starting at around RMB 4,000 per month.

When it comes to buying property in Shanghai, prices can range from RMB 30,000 per square meter in the suburbs to over RMB 100,000 per square meter in the city center. If you’re looking for a bargain, it’s worth checking out some of the older buildings in central areas like Jing’an and Huangpu, where prices can be up to 10% cheaper than new builds.

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If you are looking for a place to call home in Shanghai, you will be happy to know that there is a wide range of accommodation options to suit every budget. From luxury apartments in the city center to more affordable options outside of the city, you can find accommodation to suit your needs.

The average rent in Shanghai is about $1,500 per month, although it depends on the location and size of the apartment. If you’re on a budget, you can find cheaper options starting at around $500 per month.

In Shanghai, the cost of living can be high, but it depends on your lifestyle. If you are the type of person who likes to go out to eat and socialize frequently, then your expenses will be higher than someone who prefers to stay at home. The same goes for transportation – if you use taxis or Didi frequently, your costs will be higher than if you stick to public transportation.

Utilities are one of the biggest expenses in Shanghai. The average cost of a one-bedroom apartment is around $80, including electricity, water, gas, and Wi-Fi. For a family of four, the average cost approaches $200. If you live in a luxury apartment or condominium, your costs will be even higher.

If you are planning to move to Shanghai, it is important to consider transport costs. The city is huge and getting around can be expensive. Here is a breakdown of the average cost of transport in Shanghai:

Public transport: The subway is the most popular and affordable way to get around Shanghai. One trip costs only 2-3 yuan (about 0.30-0.50 dollars). If you intend to use public transport regularly, you can purchase a monthly pass for around 200-300 yuan ($30-45).

Taxis: Taxis are a little more expensive than the metro, but they are still relatively affordable. A typical taxi ride in the city center will cost about 10-15 yuan (1.50-2.25 US dollars).

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What to do in Shanghai?
Shanghai has a lot to offer, from visiting historical sites to exploring modern areas.