Despite Shanghai’s tremendous growth, there are wide disparities in the kinds of homes available. Traditional shikumen housing, a mix of Chinese and European style building, accounted for about 60 percent of the city’s housing in the first half of the twentieth century. High-rise buildings have mostly displaced the city’s historic longtang (two- or three-story) alley dwellings. Old villa-style residences may also be seen in historic locations like the French Concession. The Thames Town development in Songjiang district is an example of a new satellite region with luxury homes on the outskirts of the city.
Understanding the Living in Shanghai as an Expat
In the city’s core center, the majority of residents live in apartments or historic homes. After more than half a century of disrepair, the ancient colonial style residences in historic districts were once very affordable. Because of the high demand from non-residents and the limited supply, prices have skyrocketed. There are a wide variety of options for apartment living.
Modern Shanghai apartments and even older ones that have been restored are much superior than those in Tokyo. More room and greater value for money are the main advantages of this home’s layout. Although identical lodgings may be found in Korea, they are often found in one of four Legoland-style blocks. A crowning feature is usually present at the top of each tower in Shanghai’s high-rise developments. This creates a unique architectural landscape that is both amusing and amusing.
However, it seems that some guests were not informed that the celebration had ended since the authorities had taken away their punch bowls. Many areas of real estate values have decreased, while others, such as waterfront properties, are on the rise. If you’ve ever heard the old property adage that “location, location…location,” you’re not far off the mark here.
Is this a good time to invest? The recent dips in the stock market, according to Crispins Property Investment Management head Sam Crispin, “certainly indicate (an) immediate purchasing opportunity.” It’s important to know what kind of property you’re buying and where you’re going to put it, though. According to him, he would rather purchase “a little centrally placed home” than one that is “large and sprawling in the suburbs.” Even if there isn’t a metro line in the immediate area, it’s always a good idea to check whether one is under development or in the works. No related to Jeanine Andrews, however she does have an apartment that she rents out. Buying an apartment overlooking the Huangpu River, which divides Shanghai, is on her list of things to do. “In few other major cities can you get a seaside condo at such a low price,” she says.
Rentals are usually a fair value for the money spent. For RMB3,000 a month, I can get a decent 1-bedroom apartment in a well-guarded building. A two-bedroom apartment will set you back anywhere between $2,700 and $4,500 per month on average. There are no huge fees to pay, unlike in Seoul or Tokyo. When renting, you’ll often have to put down the equivalent of three months’ rent. This includes the first month’s rent and two months’ rent as a deposit. In the present market, the returns on a buy-to-let property are negligible. The return is expected to be between 4% and 6%, while the interest rate on the mortgage is 5.51 percent.
There are a few things to keep in mind regardless of whether you’re purchasing or renting. There are several serious flaws in the construction of this building. Farmer-turned-city dwellers have built most of the city’s structures. They know very little about building. Problems with the plumbing and electrical systems have been discovered. Check the power supply of any apartment before you buy or rent it by turning on all the air conditioners and other electrical appliances. Avoid living on the lowest level, particularly if the elevator is nearby. It will be quite loud. Number “four” sounds like the word for “death” in Mandarin Chinese. People tend to avoid the fourth level. This may be an opportunity.
Work in Shanghai
There are two distinct groups of foreigners in Shanghai: those who have expat packages and those who don’t. Shanghai is China’s commercial center. All major multinational corporations have their China headquarters and some even their Asia-Pacific headquarters in Shanghai. The majority of its foreign workers are working in other countries and get international salary as well as a variety of benefits, such as educational and transportation expenses. The number of foreign workers being hired by these firms is on the rise. The second and largest group is made up of people who go to China on their own. Typically, they begin their careers as English instructors. Some opportunities exist in the entertainment and hospitality industry. Most successful people end up running their own companies.
If you’re good at what you do, you may earn up to $200 an hour teaching English in Japan. Numerous chances exist as extras or models in films and commercials, for example. For six days, I worked as an extra in the Hollywood production of The White Countess. Pay ranges from $1,000 to $1,200 per day. Recording jobs might pay well if you have a strong voice.