Shanghai’s Most Expensive Apartment Ever Sells for RMB 220,000 Per Sqm

Despite the slowdown in China’s real estate market, Shanghai’s most expensive apartment ever was sold recently for RMB 220,000 per sqm.

Don’t count on living like a king in this super-luxury property, however, unless you plan on residing over a very compact kingdom. Apparently, the unit on the 10th floor of COFCO’s Seascape Yiho development in Pudong is only 35 sqm, making its total price RMB 84 million.

According to media reports, apartments in the development feature unique ocean views, and the price of the property nearly doubles that of other nearby homes. The sale of the COFCO apartment broke the previous record for most expensive residential property which involved a home sold by Shanghai’s Tomson Group two years ago at RMB 190,000 per sqm.

While prices for luxury properties in Shanghai have generally continued to rise slowly over the last few years, the restrictions by the Chinese government on residential property transactions have generally resulted in a drop in transaction volume, as well as a slowdown in the rise of real estate prices. Because of this trend, it is difficult to see a wider implication from this new record deal, other than one apparently very wealthy person with a taste for small spaces.