2026年1月全国房地产市场研究报告

Core Viewpoint - The central government continues to strengthen financial support for the real estate sector and accelerates urban renewal efforts [2][3] Policy Environment - In January 2026, multiple central departments collaborated to clarify the development framework, with over 40 provinces and cities implementing detailed measures, creating a "central decision, local precise policy" linkage [3] - The policy focuses on four main areas: urban renewal, housing security, "good housing" construction, and financing optimization [3] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development jointly issued documents to support urban renewal, encouraging the use of existing land and property resources [3] - The People's Bank of China implemented a moderately loose monetary policy, reducing the re-lending rate by 0.25 percentage points to 1.25% and lowering the minimum down payment ratio for commercial properties to 30% [3] - Tax incentives for residents purchasing new homes have been extended until the end of 2027, covering various tax types [3] New Home Transactions - In January 2026, the transaction area of new residential properties in 50 key cities nationwide was approximately 8.1 million square meters, a month-on-month decrease of 32% and a year-on-year decrease of 20% [8][9] - Among first-tier cities, the transaction area was about 1.32 million square meters, with month-on-month and year-on-year declines of 36% and 28%, respectively [9][11] Second-Hand Housing Transactions - In January 2026, the transaction area of second-hand houses in 13 key cities was approximately 8.1 million square meters, with a month-on-month increase of 16% and a year-on-year increase of 33% [14][17] - Chengdu led with a transaction area of 2.18 million square meters, showing a month-on-month growth of 18% and a year-on-year surge of 63% [17][18] Land Transactions - In January 2026, land transaction areas and amounts both fell by 90% month-on-month, with year-on-year declines of 48% and 59%, respectively [21] - The supply of land was 33.6 million square meters, an 8% year-on-year decrease [21] - The market heat remained low, with many land parcels sold at base prices, indicating a lack of competitive bidding [24][25]