BJ Parents Pay High Prices for Homes in Elite School Districts
Parents living in Beijing will do whatever it takes to send their kids to the capital’s best schools – even if it means buying absurdly expensive (and often substandard) houses.
Increased demand for entry into Beijing's many elite schools has caused some parents to take drastic measures. The panic over gaining entry into a good school has lead to a major increase in property value in the capital’s most coveted school districts.
Haidian is a prime example.
Haidian (pictured above) is home to many of Beijing’s top schools, and it’s no coincidence that the average cost of housing there has spiked to RMB80,000 or higher per square meter, The Huffington Post reports. Yet despite the high price tag, many of these ultra-expensive homes are old and rundown.
Zhongguancun (Haidian's tech hub) is peppered with some of the nation’s best schools. In this prestigious school district, purchasing a house can put homeowners back RMB100,000 per square meter.
“Haidian district is home to many of the country’s best universities as well as elementary and secondary schools. Obviously, parents and students dream of living in this region to go to school,” said professor Ma Xiangwu, a professor at the elite Renmin University.
A similar trend can be seen in Dongcheng, another highly sought after school district. The sky high housing prices make it impossible for most families to even consider moving there. But parents seeking to get their children into the district’s renowned schools, such as Beijing Jingshan School, are buying up old homes (that are often in disrepair) at incredibly inflated rates. There are reports that some homeowners paid upwards of RMB200,000 per square meter for their Dongcheng houses.
Last year we reported on a tiny alleyway – measuring seven meters long and 1.5 meters wide – that went on sale for RMB1.5 million. The reason behind the crazily high price tag was the alley’s location in Da’er Hutong, right next to the elite Beijing First Experimental Primary School’s Qianmen Branch.
Just to put it all in some sort of perspective, the average cost of a house in Beijing is RMB50,000 per square meter. But the battle among Beijing parents to get their kids the best education possible is raging on. And they are paying the price... big time.
[Image via The Huffington Post]
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