43个月来首破10%！土地市场释放什么信号？

Core Viewpoint - The average premium rate for land transactions in key cities has reached a new high of 13.4%, driven by high-premium deals in major cities like Beijing, Shanghai, and Hangzhou, marking the first time since July 2021 that the average premium rate has surpassed 10% [2][5]. Summary by Sections Land Transaction Trends - In February, despite a continuous decline in land transaction area, major cities experienced high-premium land deals, leading to a year-on-year increase in transaction amounts. The average premium rate reached a new high, with a total land supply of 27.02 million square meters across 300 cities, a month-on-month decrease of 22.6% and a year-on-year decrease of 36% [4]. - The total transaction amount for land reached 91.7 billion yuan, a year-on-year increase of 39%, with first-tier cities accounting for 30.4 billion yuan, a year-on-year increase of 27% [4]. Premium Rate Insights - The average premium rate of 13.4% represents an increase of 4.7 percentage points from the previous month, with several cities like Shanghai, Beijing, and Hangzhou seeing transaction amounts exceeding 10 billion yuan [5]. - Notably, six out of the top ten cities by transaction amount had average premium rates exceeding 10%, with some land parcels achieving premium rates over 20%, such as the 46th parcel in Hangzhou's Chengdong New City, which had a premium rate of 72.5% [5]. Market Outlook - The market is expected to maintain its heat in the first half of the year, with more high-premium quality residential land anticipated to emerge, particularly in areas with low inventory and strong purchasing power [6][7]. - The trends indicate that high-premium transactions for quality residential land in key cities will become the norm, with land heat expected to spread from core city areas to surrounding regions [7][8].