土地月报｜土地成交量缩价涨，月度溢价率自2021年以来首破10%（2025年2月）

Core Viewpoint - The land market in major cities like Shanghai and Hangzhou is experiencing high premium transactions, indicating a continuation of market heat in the first half of 2025 [2][8]. Supply and Demand - As of February 25, 2025, land supply was 27.02 million square meters, a decrease of 22.6% month-on-month and 36% year-on-year. The transaction area was 22.83 million square meters, down 52% month-on-month and 6% year-on-year. The transaction amount reached 91.7 billion yuan, an increase of 39% year-on-year [5][12]. - The average premium rate for land transactions was 13.4%, an increase of 4.7 percentage points from the previous month, marking a new high [6][17]. Market Heat - The average premium rate of 13.4% indicates a strong market heat, with six cities in the top ten for transaction amounts exceeding a 10% average premium rate. Notable high premium transactions occurred in cities like Shanghai, Hangzhou, Chengdu, and Suzhou [6][17]. - The land auction heat is expected to continue, driven by improved quality of new land supply and favorable demand-side expectations due to regulatory adjustments and subsidies [9][18]. Market Outlook - The land market is expected to maintain low supply levels while focusing on high-quality land, which will support the stabilization of the real estate sector [10][15]. - The government is likely to implement policies aimed at revitalizing existing land and reducing inventory pressure, which will further influence land supply strategies in major cities [8][12]. Key Land Transactions - In February, the top ten land transactions by total price were dominated by Beijing, Shanghai, and Hangzhou, with seven of the top ten located in these cities. The highest transaction was in Shanghai's Hongkou District, with a total price of 8.964 billion yuan and a premium rate of 38.2% [21][23]. - The highest unit price was recorded for a land parcel in Shanghai's Jing'an District, with a projected price of 16,000 yuan per square meter, potentially setting a new record for land prices in the city [24].