32套大户型只卖了一半？上海豪宅市场消失的“日光盘”

Core Viewpoint - The luxury real estate market in Shanghai is experiencing a slowdown, with a significant increase in supply and changing consumer behavior impacting sales performance [3][4][14]. Group 1: Market Performance - The luxury project Feiyun Yuefu launched 32 units with a starting price of 17.27 million, averaging over 110,000 per square meter [1]. - The project Jinmao Puyuan had a subscription rate of approximately 102% during its recent launch, but only about 80 units were sold out of 111 [2]. - Sales absorption rates for various luxury projects in Shanghai are below 100%, with some popular developments achieving rates between 50% and 80% [3]. Group 2: Supply and Demand Dynamics - The luxury market is facing a demand pullback due to previous high transaction volumes that exhausted potential buyers [3]. - A surge in luxury project launches has diversified buyer options, leading to longer decision-making periods [3][14]. - High-net-worth individuals are reallocating funds from the luxury real estate market to the stock market, further dampening demand [3][14]. Group 3: Competitive Landscape - State-owned enterprises are increasingly dominating the Shanghai real estate market, acquiring 80% of land parcels sold in 2025, with significant investments in urban renewal projects [5][6]. - The competitive strategies among luxury developers are intensifying, with price wars emerging between projects like Jinmao Puyuan and Huayun Wai Tan [9]. - Developers are focusing on product differentiation to attract buyers, leading to a trend of increased investment in property features [11][13]. Group 4: Consumer Behavior - Buyers are exhibiting a "slow decision-making" trend due to the abundance of choices and the current market conditions [7][14]. - The second-hand housing market's price adjustments are causing potential buyers to hesitate, impacting the luxury segment's sales [14][15]. - Despite the slowdown in the luxury segment, suburban projects are still attracting interest, indicating a shift in buyer preferences [15].