Who has ever heard of an alleyway going on sale for RMB1.5 million (that's roughly USD228,000)? Certainly not us. Well, a narrow corridor in Xicheng district is currently for sale at that price point.
The tiny alley measures seven meters long and 1.5 meters wide, which means that it’s selling for RMB137,600 per square meter.
So why the hefty price tag?
The alleyway is located at No. 29 Da’er Hutong, which also happens to be in the same area as one of Beijing’s most prestigious primary schools. Therefore, the alley is a hot commodity for parents who are hoping to get their kids into the elite Beijing First Experimental Primary School’s Qianmen Branch, South China Morning Post reports.
The property can’t actually be legally renovated, which means there is no actual living area. However, it can be used to get permanent residency or hukou. And, according to real estate agents, this allows ‘residents’ of the alley to enroll their children into the school.
In the capital, owning property within a school’s district gives property owners access to what are often better public schools. For this reason, property prices in certain school districts tend to be highly inflated. Case in point, a small alleyway boasting a RMB1.5 million price tag in Xicheng.
[Image via Beijing Youth Daily]
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