Core Viewpoint - The future of the real estate market is not expected to see a return to previous rapid price increases, but rather a gradual adjustment influenced by demographic and economic factors. Group 1: Market Dynamics - The real estate market has shifted from a phase of rapid growth to a more cyclical pattern, influenced by economic and population trends [4][6]. - The previous reliance on land finance and leverage for price increases is no longer sustainable, leading to a correction that is beneficial in reducing speculative bubbles [6]. Group 2: Price Constraints - Two main factors are constraining future price increases: a declining population of potential homebuyers and high debt levels [8][10]. - The population of individuals in the 90s generation is approximately 31 million less than that of the 80s generation, directly impacting demand for housing [8]. - As of Q3 2025, the macro leverage ratio in China has reached 302.3%, indicating that even with policy support, significant price rebounds are unlikely [13]. Group 3: Buying Strategies - For first-time homebuyers, the period before 2030 is seen as a reasonable time to enter the market, as speculative pressures will have diminished [14][16]. - Improvement-focused buyers should target the window from 2027 to 2030, when demand is expected to surge due to demographic shifts and supportive policies [18]. - It is advised to focus on quality properties in core urban areas rather than suburban or newly developed regions, which may lack essential amenities [20].