Shanghai’s luxury residential property market continues to defy national trends, with affluent buyers investing heavily in premium homes amid broader economic concerns. This resilience is highlighted by the recent sellout of all 64 units at One Central Park, a high-end development in the city’s Huangpu district, generating 4 billion yuan (US$556 million) in sales. The project, developed by Sunac China Holdings, Citic Group, and Xinhu Group, is located in the prime Xintiandi area. Units averaged 185,000 yuan per square metre, with the largest duplex commanding over 246,000 yuan per square metre—among the highest prices in Shanghai this year.
This marked the third consecutive successful round of sales for One Central Park, pushing the project’s total revenue beyond 10.8 billion yuan in 2025, a record for any residential development in China this year. The overwhelming interest, with registration nearly triple the available inventory, triggered a points-based allocation system to manage demand—a rare measure in central Shanghai in 2025. The fourth phase, featuring higher-floor residences, is expected to launch as early as June.
Luxury properties across Shanghai continue to see strong buyer demand. According to Centaline Property, home prices in the city have risen in April and May, outperforming national averages. Recent launches from Swire Properties’ Lujiazui Taikoo Yuan and Greentown China’s Symphony Shanghai saw rapid sellouts, contributing to a 72% week-on-week surge in new-home sales and a 49% jump in average prices to 107,746 yuan per square metre. Suburban projects like Bund 98 and Origin Pile also experienced high demand and triggered similar allocation restrictions.
Experts attribute the market’s strength to limited supply in central areas, rising demand from high-net-worth individuals, and increasing interest from younger professionals and overseas returnees. Luxury homes are increasingly perceived as safe, value-preserving assets amid a volatile investment landscape. Analysts note that the overall price uptick is driven by luxury supply, while less desirable areas remain flat.
As of May 19, Shanghai recorded 809 new-home transactions priced at 30 million yuan or more, putting the market on track to exceed 2,000 such deals for the second year running. Analysts expect momentum to continue, driven by strong upgrade demand, low resale listings, favorable policies, and improving economic sentiment, with high-end assets attracting capital in search of stability.
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