Core Insights - The era of blindly purchasing real estate has ended, and buyers must now focus on the fundamentals of the city they are investing in [1][3] Market Overview - The real estate market is experiencing a divergence, with major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showing signs of recovery, while smaller cities continue to struggle [3][4] - Policy changes since late last year have led to increased transaction volumes and stabilization in prices in major cities, but smaller cities are still facing challenges [3][4] Demand and Supply Dynamics - Major cities attract a continuous influx of people due to better job opportunities, educational institutions, and healthcare facilities, creating a strong demand for housing [4][6] - The supply of housing in major cities is limited due to urban planning regulations, leading to a natural scarcity that supports property values [6][7] Comparison of City Types - Smaller cities lack the same level of attractiveness and economic vitality, resulting in a population outflow, particularly of younger, wealth-creating individuals [9][10] - The oversupply of housing in smaller cities, combined with declining demand, leads to a significant imbalance in the real estate market [10][11] Historical Context - Historical trends in mature real estate markets globally indicate that vibrant metropolitan areas see long-term price increases, while areas with declining populations face stagnation [11][12] Investment Considerations - Investors must evaluate the potential of the city, including its ability to attract and retain talent, the strength of its industries, and the quality of public services [12][13] - The focus should be on cities that are experiencing population growth and have robust economic fundamentals, as these factors will influence future property values [13]
阴跌、有价无市,已经成为不少地方楼市的常态!
Sou Hu Cai Jing·2025-07-21 02:49