编者荐语： 为什么一线城市二手房全军覆没，谁在抛弃它们？楼市未来如何走？ 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家报社形 成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次，作为其中的一 环，两家报社的中文网之间实现文章互换。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 以下文章来源于FT中文网，作者徐瑾。 文丨FT中文网经济主编、公号econhomo主理人 徐瑾 闷热的黄梅天，也压抑不住房地产市场的冰冷寒气。 一线楼市企稳的幻想，在5月数据面前遭遇挫折。2025年的5月，被业内称为近几年表现最差的一 个5月。新房数据很差，除上海之外的一线城市的环比数据都在下降；二手房数据则更差，一线城 市是全线下跌，北京广州下跌0.8%，上海和深圳分别下跌0.7%与0.5%。几乎一夜之间，楼市再次 入冬。 北京的建筑工地 为什么一线城市二手房全军覆没，谁在抛弃它们？楼市未来如何走？政策还能如何发 力？在一个下行时代，持有现金其实也是一种小确幸。 ...

Core Viewpoint - The article discusses the rise and fall of Loft apartments in major Chinese cities, highlighting their initial appeal to young urban dwellers and the subsequent challenges they face in terms of market value, livability, and resale potential [4][44][48]. Group 1: Initial Appeal of Loft Apartments - Loft apartments were initially favored by young people in first-tier cities due to their lower total price, trendy layouts, and fewer purchasing restrictions, making them a popular choice for those seeking affordable housing options [3][4][48]. - The design and spaciousness of Loft apartments, often featuring high ceilings and unique layouts, contributed to their romanticized image, especially after being popularized by media representations [2][4]. Group 2: Challenges Faced by Loft Owners - Owners of Loft apartments have reported various issues, including high utility costs, poor sound insulation, and complex property rights, which have diminished their attractiveness [28][30][31]. - The tightening of "commercial to residential" policies and a downturn in the real estate market have led to significant price drops and difficulties in selling Loft apartments, with many owners expressing regret over their purchases [4][31][44]. Group 3: Market Dynamics and Future Outlook - The market for Loft apartments has shifted from being highly sought after to being viewed as a liability, with many potential buyers deterred by high taxes and low liquidity [31][44][46]. - Despite the challenges, some owners still see value in Loft apartments as a transitional housing option for young people in urban areas, emphasizing the importance of location and property condition in determining resale potential [47][48].

别再误判2025年楼市！有购房计划的家庭，先看看这些忠告！ 网上全是房子要回暖的消息，不少业内人士也跟着起哄，说一线城市楼市销量上去了，房价肯定还得接 着涨。可咱得看看现实，最近公布的数据显示，百城房价还在往下走，这已经是连续30个月下跌了。 买房前得好好盘算盘算自己的财务状况。看看自己有多少负债、有多少存款，买房后还贷压力大不大， 以后工作和收入稳不稳定。把这些都弄明白了，再进楼市，才不至于买了房又后悔。 这几年房企债务压力大，好多人都担心房子会偷工减料、延期交房，甚至烂尾。但买现房就没这些烦 恼，一手交钱一手交货，质量好不好，实地一看就知道，完全不用担心买期房的那些糟心事。 有些房子比一般房子便宜10%到15%，这种特价房一般都有缺陷，要么楼层不好，要么朝向太差。好房 子根本不愁卖，这可是真理。刚需买房的时候，可别光图便宜，不然买了不好的房子，以后想转手都 难，资产还得贬值。 但现在不一样了，楼市下行，还在深度调整。城镇化率都快到头了，刚需也少了，炒房客也没几个了。 以后想靠房价上涨来拉动经济，基本不可能了。以后买房得按需来，想靠买房投资赚钱的人会越来越 少。房子以后很难再像过去20年那样一路疯涨了。 现 ...

楼市暗战：为何你的房子越等越贬值？ 这是冬冬冬的第825篇原创文章 【内容提要】 在楼市下行周期，个人房东与开发商的卖房策略犹如龟兔赛跑。开发商凭借薄利多销、快速清仓和中介 高佣金抢占稀缺买家，而个人卖家因纠结价格、缓慢降价，最终陷入"越等越亏"的困境。本文拆解市场 博弈背后的逻辑，揭开"降价陷阱"的真相，提醒房东：时间才是最大的成本，犹豫可能让你多赔一套首 付。 一、利益最大化，为何成了"双标游戏"？ 对个人房东而言，卖房是"一锤子买卖"。手里只有一套房，总想挂高价、慢慢磨，哪怕多赚10万也能改 善生活。但对开发商来说，卖房是"流水线生意"——薄利5套房的利润，可能远超高价卖1套。两者的目 标看似相同，实则逻辑迥异：一个是"求稳"，一个是"求快"。 更残酷的是，双方争夺的是同一批买家。当市场遇冷，购房者如同沙漠中的水源，谁先抢到，谁就能活 下去。而开发商深谙此道：降价促销、中介返点、限时折扣……一套组合拳下来，买家早已被"截胡"。 二、时间成本：拖得越久，亏得越狠 许多房东坚信"没有卖不掉的房，只有不合适的价格"，却忽略了楼市下行期的致命规律——买家预期会 随着时间不断下探。 假设月初有买家愿出300万，你 ...

Core Insights - The real estate market is experiencing a significant downturn, with no price increases in any of the 100 major cities in April, including top-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1][3] - The average price of second-hand homes nationwide fell to 13,892 yuan per square meter in April, a month-on-month decrease of 0.69% and a year-on-year drop of 7.23%, equating to a loss of 210,000 yuan on a 3 million yuan property [3] - The market is facing an oversupply issue, with a surge in listings and a drastic drop in transaction volumes, indicating a return to a buyer's market [3][4] Market Dynamics - In April, cities like Wuxi saw a 644% increase in second-hand home listings following the cancellation of purchase restrictions, leading to a significant price drop [3] - Major cities experienced a sharp decline in transaction volumes, with Shanghai's sales dropping from 29,000 to 22,000 units and Hangzhou's from 12,000 to 9,000 units [3] - The current market conditions reflect a mismatch between supply and demand, with listings up 30%-50% compared to last year, resulting in extreme buyer competition [3] Policy Responses - Local governments have begun to respond to the market downturn, with 12 cities, including Wuxi and Zhengzhou, urgently lifting purchase restrictions and banks in Foshan reducing first-home loan rates to a historic low of 2.86% [4] - Experts suggest that current measures are insufficient to stem the tide of selling pressure, indicating a need for more aggressive policy actions, such as lowering the five-year Loan Prime Rate (LPR) [5] - The central government is shifting focus towards supply-side reforms, with discussions around stabilizing prices and potential state intervention in the housing market [5] Future Outlook - The market is expected to stabilize in cities with strong industrial foundations and population inflows, such as Hangzhou, Chengdu, and Xi'an, but a nationwide recovery may take until mid-2025 [5] - Key indicators for recovery include more than half of the 70 monitored cities halting price declines and revitalization of the land market [5] - The evolving nature of real estate is prompting a shift in perspective, emphasizing the importance of assessing personal housing needs rather than solely focusing on market timing [6][7]