不再逃离北上广，年轻人花200万抄底“老破小”

Core Viewpoint - The article highlights a significant shift in the real estate market of first-tier cities in China, where low-priced second-hand homes are becoming the mainstay of transactions, driven by young buyers seeking affordable housing options amidst ongoing price adjustments [3][5][6]. Market Trends - In 2025, the total transaction area of new and second-hand homes in 30 key cities remained stable at 27,443 million square meters, with new home transactions down by 7% year-on-year, while second-hand home transactions increased by 6% [4]. - In October 2025, the proportion of transactions for second-hand homes priced below 2 million yuan reached 57.19% in Beijing and 48.72% in Shanghai, indicating a growing trend towards lower-priced properties [5][6]. Buyer Demographics - The primary buyers in the second-hand market are young professionals and families with children, who are increasingly opting for smaller, more affordable homes due to financial constraints and the need for convenient living arrangements [6][7]. - The demand for low-priced homes is further supported by the convenience of location, with many properties situated near public transport and essential amenities [6]. Rental Market Dynamics - The article notes a rising interest in rental yields from second-hand homes, with some properties offering rental returns exceeding 3%, making them more attractive compared to traditional savings [10][11]. - The average rental yield across 50 key cities was reported at 2.08% in the first half of 2025, slightly up from the previous year, indicating a potential shift in investment focus towards rental income [11]. Investment Considerations - While rental yields are becoming a more critical factor in property valuation, the article emphasizes the importance of considering various costs associated with property investment, including taxes and maintenance fees [13]. - Properties with high rental yields are often older and may not appreciate in value as much as newer developments, suggesting a need for cautious investment strategies [12][13].