解码中国经济第四城：重庆主城区十年卖房面积相当于5个澳门

Core Viewpoint - The real estate market in Chongqing has experienced significant price declines, with many properties now valued below their purchase prices, indicating a prolonged downturn in the housing market [1][2][5]. Market Trends - The average transaction prices for second-hand residential properties in Chongqing's top five districts have decreased by 13.5% to 24.4% compared to 2018 [2][11]. - The overall housing inventory in Chongqing is substantial, with a broad stock of approximately 42.7 million square meters, suggesting an estimated clearance period of about eight years [23][24]. Property Performance - Properties purchased by individuals like Xiao Yao have seen significant depreciation, with some homes losing up to 70% of their value since purchase [6][10]. - The second-hand housing market has seen a notable increase in listings, with over 280,000 properties available for sale, reflecting a 14.4% year-on-year increase [12][28]. Sales and Supply Dynamics - The supply of new residential properties has drastically decreased, with planned land supply for 2025 being only 35% of that in 2022, leading to a shift towards second-hand property transactions [28][29]. - The proportion of second-hand housing transactions has risen significantly, surpassing new home sales for the first time, indicating a changing market preference [28][29]. Economic Context - Despite the downturn in the real estate market, Chongqing's GDP has shown resilience, ranking fourth in China, which contrasts with the declining property prices [26][29]. - The government has implemented measures to alleviate the burden on homebuyers, including the cancellation of two-year resale restrictions and incentives for upgrading homes [28][29].