楼市大局已定！45%有多套房的家庭，或将面临4个难题

Core Viewpoint - The domestic real estate market in China has been in a downturn since 2022, with no signs of recovery expected by 2025, as evidenced by a 7.38% year-on-year decline in the average price of second-hand residential properties in September, reaching 13,381 yuan per square meter, and a cumulative decline of 5.79% in the first three quarters. The trend of falling prices has persisted for 41 consecutive months, indicating a long-term adjustment in the housing market. Group 1: Challenges Faced by Multi-Property Households - Significant asset depreciation: Multi-property households are experiencing substantial wealth loss due to falling property prices, exemplified by a case in Shanghai where a property purchased for 4 million yuan in 2019 is now valued at only 2.56 million yuan, a decline of over 30% [1][2] - Difficulty in asset liquidation: The surge in the number of second-hand properties for sale, exceeding 7.3 million nationwide, has made it increasingly challenging for multi-property owners to sell their homes, especially in major cities like Beijing, Shanghai, and Hangzhou, where listings have surpassed 140,000 [1][3] - Rising holding costs: Multi-property households are facing escalating financial burdens due to increasing costs associated with property ownership, including mortgage pressures and rising fees for property management, heating, and maintenance, which are exacerbated by declining incomes [2][4] Group 2: The Collapse of Rental Income Models - The "rent-to-pay mortgage" model is failing: The once-promising strategy of using rental income to cover mortgage payments is becoming increasingly unfeasible, particularly in smaller cities experiencing population outflows, where rental markets are oversaturated. Even in larger cities, high living costs are driving many workers to return to their hometowns, leading to falling rental prices and making the "rent-to-pay mortgage" concept difficult to achieve [3][4]