房地产：未来5年需求约49.8亿平，中后期或走出低迷

Core Insights - The report predicts that the total urban housing demand in China during the "14th Five-Year Plan" period will be approximately 4.98 billion square meters [1] - The new housing market has peaked, but there remains potential in high-tier cities due to significant annual urban population growth [1] - By 2025, new home sales are expected to stabilize at a mid-level, shifting housing demand characteristics from "first-time buyers" to "improvement-driven" [1] - Improvement-driven purchasing decisions are more influenced by income expectations and market outlook [1] - In the short term, there will be pressure on both sales volume and prices in the real estate market [1] - As market inventory decreases and social expectations recover, the real estate sector is anticipated to emerge from its downturn in the latter half of the "14th Five-Year Plan" [1]