Core Viewpoint - The total inventory value of 50 typical listed companies reached 7.98 trillion yuan, a significant decrease of 15% compared to the end of last year [1]. Group 1: Inventory and Land Reserve Data - As of the end of 2024, the total land reserve value of the top 100 real estate companies amounted to 25.23 trillion yuan, down 13% year-on-year [15]. - The total land reserve area of the top 100 companies was 1.582 billion square meters, a decrease of 12% compared to the previous year [15]. - The threshold for the top 100 companies in terms of total land reserve value was 20.58 billion yuan, a decline of 16% [16]. Group 2: Company Performance and Trends - 96% of the top 100 real estate companies experienced a decline in land reserve value, with 15% of companies seeing a drop of over 20% [19]. - Vanke's total land reserve value decreased by over 340 billion yuan, a drop of approximately 25% [20]. - The inventory turnover cycle for the top 100 companies reached a historical high of 6.93 years, indicating increased pressure on inventory liquidation [25]. Group 3: Market Conditions and Challenges - The sales of new commercial housing in 2024 totaled 96,750 billion yuan, a decline of 17.1%, reflecting weak market demand [25]. - 94% of the 50 typical listed companies recognized inventory impairment losses totaling 167.7 billion yuan in 2024, marking a 26% increase from previous years [32]. - The proportion of completed inventory reached a record high, accounting for 27% of the total inventory value, indicating a shift towards liquidating completed projects [30]. Group 4: Strategic Focus and Policy Directions - The industry is transitioning from a "scale-oriented" approach to a "product-oriented" strategy, with companies focusing on core first and second-tier cities for new investments [35]. - Companies like Poly Development and China Resources Land are emphasizing inventory liquidation and optimizing land use to reduce capital occupation [36]. - The 2025 policy focus is expected to revolve around ensuring housing delivery, land reserve optimization, and urban renewal initiatives [37].

过半小区房价环比上涨，高频交易小区数量创新高，议价空间创新低 ◎ 文 / 马千里 在本周的国新办经济数据发布会上，对于当下房地产市场的走势，国民经济综合统计司司长付凌晖表示， 4月份房地产市场交易和价格基本稳定，部分一、二线城市交易活跃度有所提升。70个大中城市中，一、 二、三线二手住宅销售价格同比收窄0.9、0.5和0.4个百分点。CRIC监测重点城市4月份平均去化率37%， 较上年同期高出13个百分点。 与我们上月判断一致，在3月份短暂调整之后，4月重点城市房价上涨的小区占比达到51.9%，再度超过半 数。与信心企稳同步，议价空间进一步收窄，高端小区房价延续领涨。随着挂牌价与成交价差距的持续收 缩，二手房正在释放出更多企稳新信号： 过半小区房价环比上行 高频交易小区数量再创新高 01 为探析二手房成交价格的动向，研究中心以北京、上海等11个典型城市的二手房小区为样本，为避免单套 异常成交影响较大，每个月样本小区的选取标准，均为近2个月交易量不小于5套。 从统计结果来看， 4月有51.9%的小区成交价格环比上升，较上月增加3个百分点，高频交易小区数量环比 增长62%，创下年内新高，更多小区迎来成交"解冻" ...

疫情后阿联酋经济复苏显著，24年创下新高 阿拉伯联合酋长国，简称阿联酋，首都阿布扎比。位于阿拉伯半岛东部，西和南与沙特阿拉伯交界，东和 东北与阿曼毗连，北临波斯湾，与伊朗隔海相望，属热带沙漠气候，主要由平原、山地和洼地组成，石油 和天然气资源非常丰富。总面积83600平方千米，海岸线长734千米，由7个酋长国组成，分别为阿布扎 比、迪拜、沙迦、哈伊马角、阿治曼、富查伊拉、乌姆盖万。 01 经济复苏与多元化+人口红利与结构优势 The United Arab Emirates 购房政策友好，利好于全球投资者；宽松的投资移民政策带来高净值人群 2024年阿联酋实际国内生产总值（GDP）同比增长3.9%，达到1.74万亿迪拉姆，为历史最高值。 经济多元化战略成果逐步显现，非石油经济比重逐年增加成新支柱 非石油经济的GDP占比逐年上涨，由2018年的70.0%增长至2024年前3季度的74.6%。2024年前3季度，房 地产行业在GDP中的占比为7.56%，成为非石油经济中的重要组成部分。 外籍人口的涌入带动人口高速增长，年轻群体带来活力和强大消费力 截至2024年三季度末，阿联酋总人口数量已达到1250万人，较20 ...

Core Viewpoint - The second-hand housing market in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou is experiencing a slight decline in transaction enthusiasm, with a 6% month-on-month decrease in April 2025, while year-on-year growth has narrowed to 10% [2][3]. Group 1: Market Trends - The number of new listings in major cities showed a significant decrease in April 2025, with Beijing and Shanghai seeing increases of 17% and 60% respectively, while Shenzhen and Hangzhou experienced declines of 7% and 29% [3]. - High-end properties in Beijing, Shanghai, and Hangzhou have seen a steady increase in listing activity, particularly in the price segments above 30 million yuan, which reached a peak since the beginning of 2025 [3][4]. - The listing activity for larger properties (over 160 square meters) remains stable or slightly increasing in Beijing, Shanghai, and Hangzhou, while Shenzhen shows a notable decline in this segment [4]. Group 2: Owner and Investor Sentiment - The trade war and economic slowdown have shifted owner and investor mindsets, leading to a rise in short-term listings due to three main factors: a desire to cash out at high prices, a need for liquidity to optimize asset allocation, and a trend of upgrading to new properties [10]. - The demand for high-end and improved housing remains robust, with the proportion of transactions over 10 million yuan increasing in Beijing, Shanghai, and Shenzhen, indicating a preference for quality assets amidst limited new supply [12][13]. Group 3: Price Stability and Investment Recommendations - The price stability of high-end properties in core urban areas is evident, with price fluctuations remaining within 10%, and a significant percentage of properties in Shanghai and Shenzhen showing price increases [17]. - Investors are advised to focus on core urban areas, select larger improved housing products, and avoid properties in suburban areas or those lacking functional amenities to mitigate risks in the current market environment [21][23].

《2024年阿联酋房地产市场住宅白皮书》 重磅发布！ 前 言 《2024 年阿联酋房地产市场住宅白皮书》由 CRIC 克而瑞研究中心撰写， Asia Bankers Club提供技术支 持。这份白皮书对阿联酋房地产住宅市场进行了全面剖析，涵盖阿联酋整体分析、重点市场分析、行业竞 争格局分析、高价值区域总结与建议以及趋势与风险等多方面内容，为投资者、从业者和关注者提供了极 具价值的市场洞察与决策依据。 在整体分析部分，深入探讨了阿联酋的经济、人口、购房政策法规及未来发展潜力。经济上，疫情后复苏 显著，2024 年 GDP 创下新高，经济多元化成果显现，非石油经济比重逐年增加，房地产业对 GDP 贡献 率也不断攀升。人口方面，规模高速增长，年轻群体消费力强，外籍人口占比近九成，宽松的投资移民政 策持续吸引海外高净值人群。购房政策法规以零税费为核心，对全球投资者极具吸引力，同时房地产相关 政策友好，保障了外籍投资者和租房人群权益。 重点市场分析聚焦迪拜和阿布扎比。迪拜作为国际化大都市，经济多元化发展，旅游和房地产业蓬勃发 展，城市发展规划明确，房地产市场新房和租赁市场活跃。阿布扎比是阿联酋的政治、经济和文化核心， ...

Core Viewpoint - The land supply and demand scale has doubled week-on-week, with transaction scale remaining stable, while premium land transactions in key cities have been postponed. [1] Supply - The supply of building area this week reached 4.56 million square meters, a week-on-week increase of 105%. [2] - A total of 44 residential land plots were supplied in key cities, with an average plot ratio of 1.97. Major cities like Shanghai, Sanya, and Guangzhou had average plot ratios below 2.0. [2] - In Shanghai, 10 residential plots and 2 commercial plots were offered, with a total base price of 18.5 billion yuan. The highest starting price was for a plot in Yangpu District at 73,000 yuan per square meter. [2] - Guangzhou offered 4 residential plots, with a notably low plot ratio of 1.02 in Huadu District, starting at 1.3 million yuan per square meter. [2] Transaction - The transaction area was 2.84 million square meters, with a week-on-week increase of 4%. However, the transaction amount dropped to 10.6 billion yuan, a decrease of 46%. [3] - There were no high-premium residential land transactions in first and second-tier cities, leading to a significant drop in the average premium rate to 1.2%. [3] - The only notable transaction was for a residential plot in Nanjing, sold for 2.6 billion yuan, with a floor price of 16,000 yuan per square meter. [3] - A high-premium residential plot in Wenzhou was sold for 2.19 billion yuan, with a premium rate of 40.4%. [4] Rankings - The top transactions included a residential plot in Nanjing by Lianfa Group for 2.6 billion yuan at a floor price of 16,030 yuan per square meter. [7] - In Hangzhou, a plot was acquired by Jianfa Group for 1.8 billion yuan at a floor price of 17,255 yuan per square meter. [8] - Wenzhou's high-premium plot was acquired by Huaxie Group for 8836 yuan per square meter, with a premium rate of 40%. [8]

得益于一揽子金融的落实、专项债收储的推进，以及土拍热度、房价、库存去化等指标的持续向好，行业有 望在2025年上半年先一步达成阶段性"稳预期"。 ◎ 文 / 马千里 5月19日上午，国家统计局如期发布2025年4月宏观经济和房地产数据。经济层面，各地区各部门加紧实施更加 积极有为的宏观政策，有力有效应对外部冲击，生产需求平稳增长，就业形势总体稳定，国民经济顶住压力稳 定增长。工业增加值、社零均实现环比增长，前4月出口总额增速快于一季度1.1个百分点。 地产行业出现季节性调整，因行业交易周期性变化，4月商品房交易量环比回落，但 成交面积同比降幅持续收 窄，70城房价同比指数持续修复，一二线新房价格环比延续止跌，稳市场势头进一步延续。 得益于中央和地 方主管部门在供给侧的有力调整，2025年土地交易量持续低于新房成交，且拟收储宅地规模已经超过6000公 顷，预计将为需求端去库存提速至少50%，再加之闲置土地回收和保障房建设的推进，行业供求关系正在持续 加速修复。 国家统计局披露数据显示，从40个重点城市1-4月新建商品住宅销售面积和销售额同比分别增长0.1%和2%。核 心城市成交量同比延续企稳，一二线房价环比稳中 ...

CRIC×Asia Bankers Club 阿联酋全景概览 重点市场分析 地产行业格局 高价值区域与标杆项目 未来趋势与风险 …… ...

本月法拍房供应规模创年内新高的同时，成交量也创下新低，且溢价率房源比例、成交率均有所回 落。 ◎ 文 / 马千里 2025年4月，受关税因素影响，国际经济形势出现剧烈变化。短期市场情绪波动牵引之下，作为与高净 值、资产管理群体相关性更密切的房产赛道，国内法拍房市场也迎来了显著变化。本月法拍房供应规模创 年内新高的同时，成交量也创下新低，且溢价率房源比例、成交率均有所回落。本月法拍房新增挂拍量 3.04万套，环比上升53%；成交1244套，环比下降61%，66%的房源溢价成交，环比下降12个百分点。 法拍房成交率进一步下跌至16%，杭州、上海、厦门等城市本月法拍房成交率也下跌至二成以下，参拍者 对于房源的选择更加苛刻。本月法拍房挂拍折价率和成交折价率双双下行，且供求双方折价率差距转而缩 小，意味着当前成交的房源，更多的还是那些本身品质较佳，宜居性或未来转手预期更好的房产，而那些 因存在较多瑕疵而有高折扣的房产，则难以获得购房者的青睐。 核心要点 挂拍量： 供应规模创年内新高，4月新增挂拍3.04万套，重庆连续5个月第一，上海百年洋房起拍价 达47万元/㎡。 交易量： 缩量降温，成交1244套，环比下降61%，创 ...

CRIC×Asia Bankers Club …… 阿联酋全景概览 重点市场分析 地产行业格局 高价值区域与标杆项目 未来趋势与风险 ...