Core Viewpoint - The land market is experiencing a cyclical increase in transaction scale as of June 2025, with significant month-on-month growth in both transaction area and value, indicating a trend of quality improvement despite a decrease in area year-on-year [1][2]. Supply and Demand - As of June 25, 2025, the land supply area reached 52.53 million square meters, a 9% increase month-on-month, but a 12.2% decrease year-on-year, continuing the trend of inventory reduction [2]. - Major cities like Shanghai and Shenzhen are seeing limited land supply, with Shanghai's recent land sales totaling a base price of 23.67 billion yuan, indicating high competition for premium land [3][4]. Market Activity - In June, the average premium rate for land transactions was 4.2%, reflecting a downward trend, particularly in first and second-tier cities where the premium rates have dropped to around 5% [11][12]. - The total land transaction area across 300 cities was 45.7 million square meters, a 4% year-on-year decline, while the transaction value reached 157.3 billion yuan, a 22% increase year-on-year [8]. Key Land Transactions - Notable high-value land transactions occurred in Shanghai and Beijing, with several plots exceeding 5 billion yuan in total price, often characterized by low premium rates due to high development costs [16][18]. - The highest average floor price was recorded in the Yangpu District of Shanghai at 95,000 yuan per square meter, reflecting the area's premium market status [19]. Future Outlook - The second quarter saw a decline in premium rates, but the demand for quality land remains strong, with expectations for increased high-quality land supply in the second half of 2025 due to ongoing urban renewal initiatives [20][21]. - Local governments are expected to enhance land supply management, focusing on quality over quantity, which will likely stabilize market transactions and improve supply-demand expectations [21].
克而瑞地产研究：6月土地成交规模季节性增长 下半年将持续优化供地、改善预期
智通财经网·2025-06-29 02:09