2025.06. 10 本文字数：3370，阅读时长大约5.5分钟 导读 ： 当豪宅价格站上20万/平方米，同板块单价不足6万的商办属性"大平层"是否值得买？ 作者 | 第一财经 马一凡 "豪华大平层，只卖周边住宅价格的零头。"近期，在部分社交平台中，这类广告推送不时出现。 记者实地探访发现，在一线城市的核心地段，开始出现单价"5字头"的顶豪级大平层，以一线江景、 意式轻奢装修、国际一线品牌配置为卖点，价格却仅为同区域住宅豪宅的三分之一甚至四分之一。 这类"商办属性"的类住宅产品通过整层改造、分割散售的方式重返市场，以价差优势吸引自住需求买 家。然而，高昂的商用水电物业费、交易税费及土地年限缩水等问题凸显。 有业内专家认为，这类产品的自住性价比和租金回报率均十分突出，但政策风险与资产保值仍存一定 隐忧，购买前需要进行权衡。 打了三折的豪华"大平层" 近几年，上海的豪宅市场走出了独立行情，去年开盘的翠湖天地六期，其备案均价达到21万元/平方 米，当天清盘；今年绿城潮鸣东方以19.5万元/平方米的价格入市，也是开盘即"日光"。 在这样的行情下，市面上出现了一种特殊的产品，它们拥有绝对核心的地段、有"所见即所得"的 ...

Core Insights - The luxury "big flat" market in Shanghai is experiencing a unique trend where properties are priced significantly lower than traditional luxury homes, with some units selling for as low as 57,000 RMB per square meter, which is about one-third to one-fourth of nearby luxury residential prices [1][3][5] - These "commercial office properties" are being marketed as residential-like products, leveraging price differences to attract buyers, despite potential issues such as high commercial utility fees and land use rights [1][6][9] Market Dynamics - Recent years have seen a divergence in the luxury real estate market in Shanghai, with some high-end projects achieving record prices, such as 210,000 RMB per square meter for the latest launches [2][5] - The emergence of "low-priced luxury big flats" is a response to the high prices of traditional luxury homes, with some properties being marketed at half the price of established luxury projects [2][3] Product Characteristics - These properties often feature high-end finishes and are located in prime areas, with some units offering views of the Huangpu River and luxurious Italian-style interiors [3][6] - The average price for a 260 square meter unit is around 15 million RMB, translating to approximately 57,000 RMB per square meter, significantly lower than nearby luxury residential properties [3][7] Regulatory Environment - Since 2017, Shanghai has implemented strict regulations on commercial office projects, limiting the conversion of commercial properties to residential use, which has historically marginalized these types of products [5][6] - Despite regulatory challenges, the market for "class residential" commercial apartments is seeing a resurgence, with some developers successfully navigating the regulatory landscape to offer these products [6][9] Buyer Demographics - The primary buyers of these "administrative mansion" big flats are often self-occupiers looking for spacious living in prime locations, rather than investors [7][8] - There is a notable interest from older buyers seeking to improve their living conditions while remaining in familiar neighborhoods [8] Investment Considerations - While these properties offer attractive living conditions and potential rental yields above 3%, they come with higher commercial property fees and tax implications compared to traditional residential properties [9] - The market for these commercial apartments remains complex, with ongoing policy risks that could affect future resale opportunities [9]