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楼市的底层逻辑,彻底变了!
Sou Hu Cai Jing· 2025-07-25 17:22
Core Insights - The real estate market is shifting from a speculative investment focus to a more fundamental need for housing, driven by actual living requirements rather than investment potential [5][6][13] - The previous era of easy profits from real estate investments is over, with the market now dominated by genuine demand from first-time buyers and those seeking practical improvements [6][15] Market Dynamics - There is a notable increase in transactions of lower-priced second-hand homes, with significant growth in their market share across major cities [7][8] - In Guangzhou, transactions of second-hand homes priced below 2 million reached 46%, a 13 percentage point increase from the previous year [7] - In Shanghai, homes priced below 3 million accounted for 45% of total transactions, indicating a shift towards affordable housing solutions [7] Buyer Behavior - The current market is characterized by a preference for second-hand homes over new constructions, with cities like Kunming and Chengdu showing second-hand home transaction ratios of 70% and 69.7% respectively [8] - Buyers are increasingly motivated by the need for stability and security, such as proximity to schools and the avoidance of rental uncertainties [4][14] Improvement Demand Challenges - While there is a desire for improved living conditions, many potential buyers face challenges related to purchasing power and the need to sell existing properties before upgrading [9][10] - The market for new homes is struggling as many buyers are hesitant to take on additional debt, leading to a slowdown in new home sales [10][12] Future Outlook - The market is expected to stabilize with a focus on genuine housing needs and practical upgrades, rather than speculative investments [15][16] - The emphasis will be on affordable housing solutions that meet immediate living requirements, with a cautious approach to investment and leverage [16][17]