Group 1: Buyer Behavior Changes - Buyers are increasingly sensitive to total price, with low total price transactions in the second-hand market rising. In Beijing, the proportion of transactions below 3 million yuan increased from 32% in 2024 to 36% in 2025[4]. - In the second-hand market, the proportion of transactions for luxury homes (over 15 million yuan) remains stable, indicating resilient demand among affluent buyers[4]. - In the new home market, the proportion of transactions for properties priced above 9 million yuan in Shanghai increased from 28% to 34%, a 7 percentage point rise[5]. Group 2: Practicality and Utility Focus - Buyers are prioritizing practicality, with a focus on multi-functional and high-utilization spaces. For example, in Beijing's second-hand market, 57% of 90-120 square meter units are two-bedroom, which does not meet current demand[8]. - The average usable area is becoming more important, with new standards in many cities improving usable space by up to 10%[9]. - Buyers are increasingly concerned about the floor area ratio, with transactions for high-density residential projects decreasing by 1, 4, and 6 percentage points in Beijing, Shanghai, and Hangzhou respectively[9]. Group 3: Location Preferences - Buyers are favoring core urban areas, with the proportion of transactions in outer areas of Shanghai decreasing from 82% in 2021 to 61% in 2025[10]. - There is a shift towards mature neighborhoods with established amenities, as seen in the price stability of properties in well-serviced areas[10]. - Buyers are increasingly attracted to areas with strong industrial clusters, such as Beijing's Haidian District, which supports robust real estate demand[10].