Urbanization Impacts the Soaring Housing Price of Hangzhou During 2018-2022

Abstract

This paper examines the reasons for the rapid increase in housing prices in Hangzhou between 2018 and 2022. As one of China's fast-growing cities, Hangzhou has experienced significant changes in its real estate market due to continued population growth and accelerated urbanization, especially driven by major events such as the G20 Summit and the Asian Games. Firstly, the improvement and expansion of the city's infrastructure, especially the development of Hangzhou's metro network, has increased the attractiveness and property values of specific areas. Second, the government's talent admission policies and the city's overall attractiveness led to a population surge, further pushing up housing demand. In addition, special events such as the G20 Summit and the Asian Games and the urban renewal programs they bring have stimulated housing prices to a certain extent. In response to these reasons, it is recommended that the government take multifaceted measures to control the excessive rise in housing prices, including strengthening the regulation of the real estate market, rationalizing the planning of urban development, and providing more affordable and rental housing. The Government has optimized its policies to meet the housing needs of different income groups so as to achieve long-term stability and healthy development of the real estate market.