月报 | 2024年6月上海土地招拍挂市场

Investment Rating - The report indicates a cautious outlook on the Shanghai land auction market, with a focus on the ongoing low transaction volumes and prices in the normalized land supply market [1][4]. Core Insights - The normalized land supply market remains sluggish, with a notable concentration of land supply expected in July, as evidenced by the monthly transaction volume and price trends [1][4]. - As of the end of June, the cumulative transaction value in the Shanghai land auction market for the year is approximately 48.5 billion yuan, with the third batch of concentrated land supply successfully auctioned for a total of 9.133 billion yuan [2]. - The market for operational land has seen a decline, with a lack of research and design land, and the average transaction price for both operational and industrial land remains low [3][5]. Summary by Sections Overall Overview - The normalized land supply market continues to struggle, with a significant drop in transaction volumes and values, particularly in June, where the total land transfer revenue was only 6.62 million yuan [1][4]. Operational Land Market - In June, the operational land market saw the successful transaction of four commercial office plots, but the overall transaction volume did not reach the average level of the past year due to the small size of the plots [3][5]. - The average transaction price for operational land remains low, with all plots located outside the outer ring road, indicating a continued downward trend in unit prices [5][7]. Industrial Land Market - The industrial land market experienced an increase in transaction area, with nine plots sold, but the overall price remains low, limiting its supportive role in the normalized land supply market [4][6]. - The average unit price for industrial land continues to decline, albeit at a slower rate of approximately 1% [7].