房价如葱时代降临？2025年四大巨变，普通人如何守住钱袋子

Core Viewpoint - The real estate market in China is experiencing significant fragmentation, with stark contrasts between first-tier cities and lower-tier cities, leading to a re-evaluation of property values and a shift in purchasing logic [3][10]. Policy Shift - The 2025 real estate policies have moved away from a "one-size-fits-all" approach, focusing on "precise support" rather than broad stimulation, with measures such as lowering the first home loan interest rate to a historical low of 3.25% [3][4]. - Local governments are implementing various policies to stabilize the market, including increasing loan limits and reducing down payment ratios [3]. Regional Disparities - There is a pronounced divide in the real estate market, with cities like Hegang and Tieling seeing drastic price drops, while luxury properties in Shanghai and Hong Kong remain in high demand [4][8]. - In the first quarter of 2025, new home sales in first-tier cities increased by 44%, while sales in third and fourth-tier cities fell by 20% [6]. Supply and Demand Restructuring - The total unsold residential property in China reached 760 million square meters, with a significant concentration of inventory in less desirable areas, while core urban areas face a shortage of quality housing [6][8]. - New regulations have increased the height standards for residential projects, making higher-quality properties more desirable [6]. Decision-Making Logic Transformation - The era of "buying property blindly for profit" has ended, with a shift towards need-based purchasing, particularly among younger demographics seeking properties with essential attributes like proximity to public transport and schools [9][10]. - Investment demand has decreased, with the proportion of investment-driven purchases falling below 12% [9]. Market Dynamics - The market is characterized by a dual reality where properties in some regions are being sold at steep discounts, while high-end projects in major cities are highly sought after, leading to a distorted market perception [8][10]. - The ongoing financialization of core assets in first-tier cities raises concerns about resource inequality, as properties in lower-tier cities may become "negative assets" [10].