土地月报｜成交规模如期迎来年末放量，平均溢价率延续低位（2025年12月）

Core Viewpoint - The long-term supply-demand relationship in the real estate market is improving, with more signs of stabilization expected in 2026 [1][6]. Group 1: Supply and Demand - The supply side continues to control growth, with a significant month-on-month increase in transactions, while year-on-year figures continue to decline. The supply area for December was 66.74 million square meters, down 26% year-on-year. Transaction volume reached 270 million square meters, up 190% month-on-month, but down 7% year-on-year [4][10]. - The average premium rate for land transactions in December was 2.1%, a decrease of 1.5 percentage points month-on-month. The heat of land auctions remains concentrated in a few cities and specific sectors, with high premium land sales in cities like Shenzhen, Guangzhou, and Nanjing [5][22]. - The supply of land is expected to be further optimized in 2026, with a focus on controlling new land supply and promoting the construction of quality housing [14]. Group 2: Market Heat - The average premium rate for December was at a low of 2.1%, indicating a decline in market heat. However, some high-quality plots still achieved high premiums, such as those in Guangzhou and Shenzhen, with Nanjing setting a new city price record [22][30]. - The land auction failure rate was 8%, remaining at a near-low level. Specific cities like Chengdu and Guangzhou experienced land that failed to sell due to uncertain future sales prospects or insufficient bids [25]. Group 3: Key Plots - The highest total price for land transactions in December was for a plot in Beijing's Haidian District, sold for 8.456 billion yuan, with a premium of 0.4%. Other notable transactions included high-premium plots in Shenzhen and Guangzhou [31][32]. - The average floor price for land in Beijing's second ring was 81,000 yuan per square meter, indicating high demand in prime locations [34].