Shanghai housing prices are generally more expensive than those in Tokyo. This conclusion is based on various factors, including economic growth, population density, and government policies.

Shanghai, as one of the world's largest cities, has experienced rapid economic growth over the past few decades. This has led to a high demand for housing, driving up prices. According to a report by Knight Frank, the average price per square meter in Shanghai was approximately $10,500 in 2021, which is significantly higher than the average price in Tokyo of around $6,200 per square meter.

Tokyo, while also a major global city, has a different economic structure and population dynamics. The city has a large population of renters, which contributes to a more stable housing market. Additionally, the Japanese government has implemented various policies to control housing prices, such as land taxation and rent control. These factors have helped to keep housing prices in Tokyo relatively lower compared to Shanghai.

Furthermore, the cost of living in Tokyo is generally higher than in Shanghai, but this does not necessarily translate to higher housing prices. Tokyo's high cost of living is driven by factors such as transportation, food, and entertainment, which are not directly related to housing prices. In contrast, Shanghai's housing prices are more reflective of its economic growth and demand for real estate.

Data from the Global Property Guide indicates that Shanghai's housing prices have been increasing at a faster rate than those in Tokyo over the past decade. For instance, in 2011, the average price per square meter in Shanghai was approximately $4,200, while in Tokyo, it was around $4,000. By 2021, Shanghai's prices had more than doubled, while Tokyo's prices had only increased by about 25%.

In conclusion, Shanghai housing prices are more expensive than those in Tokyo due to factors such as economic growth, population density, and government policies. While Tokyo has a higher cost of living, its housing market is more stable and less affected by rapid price increases.