CRXC 克而瑞·研究中心 中国房地产 专题 上半年千万豪宅热销动因解 析及趋势预判 2025 年 克而瑞专题 2025年上半年重点城市总价千万以上新房豪宅成交规模稳中有增,究竟当前各地豪宅市场有怎 样的分化特征,背后驱动原因几何,未来豪宅市场热度能否延续,我们将通过下文 -- 解析。 一、引子:2025年仍是千万豪宅"成交大年",同比增幅显著好于新房平均（本节有 删减) (一) 20 城 2025 年上半年千万豪宅成交同比增 21%, 二三线增幅超一线 2025年依旧是豪宅成交大年,重点城市总价千万以上新房豪宅成交规模稳中有增。20个核心城 市（北京、上海、广州、深圳、杭州、宁波、成都、南京、青岛、苏州、厦门、佛山、珠海、无锡、天津、福州、 西安、武汉、合肥、郑州) 2025年上半年总价 1000万元以上商品住宅合计成交 2.1万套,环比微降 7%, 同比增长 21%，而百城新房成交上半年同比仅微增 5%，可见豪宅领涨全国,成交韧性较强。 二三线城市千万豪宅成交增长相对明显。具体来说,核心城市中,4个一线城市千万豪宅成交 达 1.6 万套,同比增长 15%,16 个二三线城市成交 5871 套，同比增长 3 ...

Core Viewpoint - The luxury housing market in key cities is experiencing significant growth, with a notable increase in transactions for properties priced over 10 million yuan, indicating a strong demand and market resilience [4][5]. Group 1: Market Overview - In the first half of 2025, 20 key cities in China saw a total of 21,400 luxury homes (priced over 10 million yuan) sold, representing a year-on-year increase of 21% [4]. - The overall new home sales in 100 cities only saw a slight increase of 5%, highlighting the luxury segment's strong performance [4]. - The top five cities (Shanghai, Beijing, Shenzhen, Hangzhou, and Guangzhou) accounted for 80% of the luxury market, with Shanghai leading in both absolute sales volume and market share [4]. Group 2: Sales by Price Segment - In Shanghai, 6,182 luxury homes priced between 10 million and 30 million yuan were sold, making up nearly 30% of the total in the 20 key cities [4]. - For properties priced above 30 million yuan, Shanghai's sales reached 1,096 units, representing over 60% of the total, with the ultra-luxury segment (over 50 million yuan) dominating at 482 units sold, accounting for 78% of that market [4]. Group 3: Product Characteristics - The luxury homes sold in the first half of 2025 showed a preference for larger sizes, with properties over 180 square meters making up 46.14% of sales [5]. - The mid-sized luxury segment (100-140 square meters) also saw significant growth, with 100-120 square meter homes increasing by 3.68% year-on-year and 120-140 square meter homes increasing by 6.28% [5]. - New housing regulations aimed at enhancing living quality and space efficiency have positively impacted the market, driving upgrades in residential products [5].

Core Viewpoint - The luxury real estate market in key cities is experiencing significant growth, with a notable increase in transactions for properties priced over 10 million yuan, particularly in Shanghai, which leads the market [3][4][18]. Group 1: Market Performance - In the first half of 2025, the transaction volume of luxury homes (priced over 10 million yuan) in 20 key cities increased by 21% year-on-year, while the overall new home market only saw a 5% increase [4][59]. - The total number of luxury homes sold in first-tier cities reached 16,000 units, a 15% increase year-on-year, while second and third-tier cities saw a 37% increase with 5,871 units sold [4][59]. - Shanghai's luxury market is particularly strong, with properties priced over 50 million yuan accounting for 78% of total transactions in this segment [18][59]. Group 2: Characteristics of Luxury Homes - The proportion of luxury homes sold in the 1,000-3,000 million yuan range increased significantly, with Shanghai showing a notable rise from 18.72% in 2024 to 23.72% in 2025 [9][59]. - Large luxury homes (over 180 square meters) accounted for 46% of transactions, although the concentration in this segment is decreasing, indicating a shift towards more diverse property sizes [19][23]. - The most popular size for luxury homes in first-tier cities has shifted to 120-140 square meters, reflecting changing buyer preferences [24][59]. Group 3: Market Drivers - The increase in high-premium land supply has led to a surge in luxury home projects, particularly in cities like Ningbo and Xiamen, where the supply of luxury homes increased by 113% year-on-year [29][31]. - The "Good House" national strategy has prompted developers to enhance the quality of new luxury homes, making them more appealing compared to second-hand properties [37][39]. - Economic conditions have allowed for the appreciation of second-hand luxury homes, making them attractive for both self-use and investment [42][43]. Group 4: Future Outlook - An estimated 775,000 square meters of luxury homes are expected to be supplied in the second half of 2025, with the third quarter anticipated to be a peak period for new listings [48][49]. - Cities like Shanghai and Shenzhen are facing significant supply constraints, while others like Hangzhou and Chengdu may experience oversupply [53][54]. - The demand for high-quality luxury homes remains strong among high-net-worth individuals, suggesting continued growth potential in the luxury market [58].

Core Insights - The article emphasizes the transformation of urban living in Beijing, particularly in the Daxing Xihongmen area, which is strategically located on the main urban development axis, highlighting the collaboration between China State Construction and Xingchuang Investment in the Yuanqi project [1][9][10] Group 1: Urban Development and Location - Yuanqi is positioned on the main urban development axis of the city, benefiting from a comprehensive transportation network that includes the existing Metro Line 4 and the planned Metro Line 19, facilitating access to key business districts within 30 minutes [3] - The Daxing Xihongmen area boasts mature residential amenities, including shopping centers like IKEA and Sam's Club, as well as quality educational institutions such as Huangchenggen Primary School and Beijing No. 4 High School, creating a well-rounded living environment [3] Group 2: Innovative Living Experience - The Yuanqi project focuses on a "scene revolution," enhancing the residential experience through modern design elements, such as a 37-meter wide community entrance and artistic features that create an "art gallery-level" homecoming experience [5] - The community includes diverse social spaces, such as dual clubhouses and a sunken courtyard, designed to foster interaction among residents and create a vibrant community atmosphere [5] Group 3: Aesthetic and Ecological Design - The landscaping of Yuanqi draws inspiration from the artistic landscapes of Wu Guanzhong, featuring a structured layout that promotes both aesthetic appeal and recreational opportunities, including a 600-meter circular jogging path [6] - An ecological planting system is implemented, utilizing native tree species and sustainable design techniques to enhance the community's environmental quality [6] Group 4: Functional and Comfortable Living Spaces - The project adopts a "residential-commercial" philosophy, focusing on the functionality, comfort, and growth potential of living spaces, with open layouts that encourage family interaction [8] - The design includes a sophisticated storage system and high-quality finishes, ensuring that living spaces are both practical and visually appealing [8] Group 5: Policy Alignment and Value Creation - Yuanqi aligns with the "Good House" policy in Daxing District, maximizing living space through innovative balcony designs that enhance usability without compromising privacy or light [9] - The project aims to redefine the concept of a "good house," positioning it as a contributor to urban development and a leader in lifestyle trends, ultimately enhancing the living experience in the main urban area [9][10]