Core Viewpoint - The new real estate policy in Beijing has led to a significant increase in second-hand housing transaction volumes and improved conversion rates for quality new homes, although regional and project differentiation remains evident [1][2][4]. Market Performance Post-New Policy - Following the implementation of the new policy on December 24, 2025, the transaction volume for second-hand homes increased by 33% from the previous month [2]. - Market activity indicators such as new customer inquiries and property viewings rose by 14% and 18%, respectively, during the same period [2]. - The average daily registration of new residential properties reached 96 units, marking a 4.3% increase compared to the pre-policy period [2]. Factors Contributing to Market Improvement - Improved market expectations due to the recent policy changes have positively influenced the market sentiment [3]. - The new policy has led to a concentration of signings, with its long-term effects expected to gradually manifest [3]. - Seasonal trends typically see a natural market recovery in the first quarter, further supported by the timing of the upcoming Spring Festival [3]. Buyer Behavior and Market Dynamics - First-time buyers are currently the dominant force in the market, driven by year-end bonuses and the typical seasonal uptick in demand [3]. - The market is showing a preference for entry-level housing, particularly in suburban areas and secondary centers [3]. - The overall market is characterized as a buyer's market, with both buyers and sellers exhibiting more rational attitudes towards pricing [4]. Structural Differentiation in the Market - There is a notable structural differentiation in market performance, with premium projects in core areas benefiting significantly from the new policy, while suburban and non-core projects show weaker performance [4]. - The number of second-hand residential listings has decreased, indicating a stabilization in seller expectations and early signs of market bottoming [4]. Overall Market Outlook - In 2025, second-hand homes accounted for 81% of total residential transactions in Beijing, with a significant portion of sales concentrated in properties priced below 3 million yuan [5]. - The market is expected to continue its slow recovery, with ongoing structural inventory pressures and a potential for improved demand as policies remain supportive [6]. - The differentiation between new and second-hand homes is becoming more pronounced, with new homes targeting higher-end buyers while second-hand homes are trending towards lower price points [6].

Group 1 - The Shenzhen second-hand housing market has been continuously warming up this year, with a recorded transaction volume of 1,680 units from January 19 to 25, reflecting a week-on-week increase of 1.6%, marking three consecutive weeks of rising transaction volumes [1] - Newly built residential properties also saw an increase, with 637 units sold, representing a week-on-week growth of 9.8% [1] - The demand side shows a slight increase in new purchase contracts, with a week-on-week growth of 3.3%, indicating a recovery in both supply and demand in the market [1] Group 2 - Structural characteristics of the market are emerging, with properties priced below 3 million yuan accounting for 29.5% of transactions, up 1.4 percentage points from December 2025, reaching a near one-year high [1] - High-end properties priced above 15 million yuan also saw a slight increase in transaction share, driven by demand from first-time buyers and high-end improvement needs [1] - The entry of four luxury properties into the market since late November has boosted second-hand transactions in luxury areas, particularly in the Shenzhen Bay area, where viewing volumes have increased by approximately 40% since November [1] Group 3 - Market analysis indicates that with the continuous optimization of the policy environment, the positive effects of real estate policies will become more apparent [2] - It is anticipated that in 2026, the Greater Bay Area real estate market will gradually stabilize amidst fluctuations, transitioning from a "policy-driven market" to a "demand-driven market," with genuine residential and improvement needs becoming the dominant forces [2]

Core Viewpoint - The real estate market in major cities continues to warm up, driven by favorable policies and tailwind effects, with significant increases in both new and second-hand housing transactions observed since the beginning of 2026 [1][6]. Group 1: Market Performance - In the first three weeks of January 2026, the transaction volume of second-hand homes in Shenzhen reached 1,115, 1,595, and 1,654 units respectively, indicating a consistent increase [4]. - Guangzhou's second-hand home transaction volume exceeded 5,000 units in the first 20 days of January, showing strong performance despite being lower than December levels [5]. - Shanghai's second-hand home transactions surpassed 18,000 units by January 25, with expectations to exceed 22,000 units for the month [5][6]. Group 2: Policy Impact - Beijing's new real estate policy, implemented on December 24, 2025, led to a 33% increase in transaction volume within a month, alongside significant rises in market activity [6]. - Multiple favorable policies have been released since late 2025, including tax reductions and adjustments to housing purchase requirements, aimed at stabilizing the real estate market [8][9]. Group 3: Price Trends - The narrowing of negotiation space for second-hand homes has been noted, with some desirable properties even seeing price increases, indicating a potential halt in price declines [11]. - The price index for second-hand residential properties in 15 key cities has risen for five consecutive weeks, reflecting a shift in market sentiment [11]. - In December 2025, while the overall price trend in 70 major cities was downward, first-tier cities like Shanghai showed a unique trend of price increases [11]. Group 4: Market Dynamics - The current market is characterized by a shift towards second-hand homes as the main transaction type, which are seen as more stable compared to new homes [8]. - The delayed Spring Festival has led to an earlier release of pent-up demand, particularly in traditional education districts, highlighting the importance of school district properties in current market dynamics [9]. Group 5: Long-term Outlook - The warming of the real estate market at the beginning of 2026 signifies a transition to a new structural development phase, moving away from a universal price increase era to a focus on residential value and market potential [12].

Group 1 - On January 24, 2026, Beijing recorded 132 new home registrations with a total area of 10,747.7 square meters, including 67 residential registrations covering 8,699.32 square meters [1] - The second-hand housing market saw 197 registrations with a total area of 17,654.54 square meters, of which 184 were residential, covering 16,986.91 square meters [1] Group 2 - As of January 24, 2026, there are 92,978 available pre-sale units in Beijing, with a total area of approximately 7,719,361.61 square meters [2] - The approved pre-sale permits include 20 units with a total area of 542,294.96 square meters [2] - There are 208,364 unsold units with a total area of 11,405,528.63 square meters, including 28,168 residential units covering 3,254,098.60 square meters [2] Group 3 - The online signing for existing homes in December 2025 recorded 19,132 units with a total area of 1,659,092.40 square meters, including 17,200 residential units covering 1,549,550.80 square meters [3]

Core Viewpoint - The recent policy adjustments in Beijing's real estate market have led to increased market activity, improved transaction volumes, and stabilized prices, significantly boosting market confidence [2][3]. Group 1: Market Activity - Since the implementation of the new policy, the Beijing real estate market has shown signs of increased activity, with a notable rise in both new and second-hand property transactions [2]. - In a new development in the southern part of Beijing, the sales staff reported a significant increase in visitor numbers and inquiries, with an overall sales rate exceeding 60% since the project's launch [2]. - The second-hand housing market has also experienced a revival, with a real estate agent noting a substantial increase in transaction speed and frequency of property viewings [2]. Group 2: Transaction Data - According to data from Zhongyuan Real Estate, the average daily signing of new homes has increased by 44.6% since the policy announcement, while the average daily transactions of second-hand homes have exceeded 500 units [3]. - The price of new homes has stabilized, with a 2.55% increase in prices for improved new homes outside the Fifth Ring Road, and a reduction in the price decline to 0.4% citywide [3]. - The number of second-hand homes listed has decreased by over 8,000 units, indicating a tightening supply and a shift in market dynamics [3]. Group 3: Market Outlook - Analysts predict that the Beijing real estate market is likely to continue its recovery trend, with increasing transaction speeds expected as demand gradually releases, although market differentiation will remain a key theme [3]. - Projects with competitive locations and product offerings are anticipated to benefit first from the upcoming peak season in the real estate market [3].

根据《公告》，2026年1月1日至2027年12月31日期间，出售自有住房并在现住房出售后1年内重新 购房的纳税人，可享受个人所得税退税优惠。其中，新购住房金额大于或等于现住房转让金额的，全部 退还已缴纳的个人所得税；新购住房金额小于现住房转让金额的，按新购住房金额占现住房转让金额的 比例退还税款。 近日，财政部、税务总局、住房城乡建设部联合发布《关于延续实施支持居民换购住房有关个人所 得税政策的公告》（以下简称《公告》），明确将居民换购住房个税退税优惠政策延续至2027年12月31 日。该政策叠加近期密集落地的信贷支持、税费减免、交易流程优化等系列举措，形成全方位降低购房 成本的政策"组合拳"，为房地产市场平稳运行注入强劲动力，切实回应了居民"住有宜居"的民生期待。 政策延续精准发力 中指研究院分析师向记者介绍，该政策明确了交易金额核算标准，新房以住建部门网签备案的购房 合同成交价格为准，二手房以实际成交价格为准。若想享受优惠须满足两个条件：一是买卖住房须在同 一城市行政区划范围内；二是出售方须为新购住房产权人或产权人之一。这既精准覆盖了真实换房需 求，又有效防范了利用政策套利的行为，守住了"房住不炒"的底 ...

Core Viewpoint - The overall trend of housing prices in major cities is still declining, continuing from the previous year, with expectations for 2026 being low due to the disappointing performance in 2025 [2][5]. New Housing Market - In December 2025, among 70 major cities, 12 cities saw new residential prices either increase or remain stable, an increase of one city from the previous month, but the main trend remains downward [5]. - The city with the highest increase was Shanghai, which saw a mere 0.2% rise, while Beijing, Shenzhen, and Guangzhou experienced declines of 0.4%, 0.5%, and 0.6% respectively [5]. - Year-on-year, 10 cities reported stable or increasing new housing prices, an increase of five cities from the previous month, with Shanghai again leading with a 4.8% increase [5]. Second-hand Housing Market - The second-hand housing prices continued to decline, with significant drops in major cities: Beijing down 1.3%, Shenzhen down 0.6%, Guangzhou down 0.6%, and Shanghai down 1% month-on-month [6][7]. - Year-on-year declines for second-hand housing prices were also noted, with Beijing down 8.5%, Shenzhen down 6.1%, Guangzhou down 5.4%, and Shanghai down 7.8% [6][7]. Market Sentiment - The current market sentiment is low, with a need for strong and sustained measures to stabilize the housing market [7].

Group 1 - The core viewpoint of the articles indicates a general decline in housing prices across major cities in China, with signs of differentiation in the market, particularly in first-tier cities where some areas show signs of stabilization [1][2][3] - In December 2025, the number of cities with rising new residential prices decreased from 8 to 6, while the number of cities with falling prices also slightly decreased from 59 to 58, indicating a more balanced market [1] - First-tier cities experienced a slight decrease in new residential prices, with a 0.3% decline in December, which is a narrowing of the decline by 0.1 percentage points from the previous month [1] Group 2 - The second-hand housing market showed a more pronounced adjustment, with an average price decline of 0.9% in first-tier cities in December 2025, although this decline was less severe than in previous months [2] - The overall decline in housing prices in 2025 was less than in 2024, with a notable increase in demand as buyers began to enter the market more actively due to favorable purchasing conditions [2][3] - In 2025, the total investment in real estate development decreased by 17.2% year-on-year, reflecting significant changes in the supply side of the market [3] Group 3 - The proportion of second-hand housing transactions is increasing, with second-hand homes accounting for approximately 65% of transactions in major cities, up about 4 percentage points from 2024 [4] - The new housing market is shifting to meet improvement needs, while developers are focusing on differentiated supply by offering "better homes" [4] - In 2025, the sales area of new residential properties was 881 million square meters, a year-on-year decrease of 8.7%, indicating ongoing challenges in the market [3]

Core Viewpoint - The real estate market in China is experiencing significant changes, with a shift from a focus on new housing to a balance between new and existing housing markets, as indicated by the latest data from the National Bureau of Statistics [1][2]. Group 1: New Housing Prices - In December 2025, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.3% month-on-month, a reduction of 0.1 percentage points compared to the previous month [1]. - Among first-tier cities, Shanghai saw a price increase of 0.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.6%, and 0.5% respectively [1]. - Year-on-year, the prices of newly built commercial residential properties in first-tier cities fell by 1.7%, with Shanghai increasing by 4.8% and Beijing, Guangzhou, and Shenzhen decreasing by 2.4%, 4.8%, and 4.4% respectively [1]. Group 2: Second-hand Housing Prices - In December, the sales prices of second-hand residential properties in first-tier cities decreased by 0.9% month-on-month, with a reduction of 0.2 percentage points from the previous month [2]. - Year-on-year, second-hand housing prices in first-tier cities dropped by 7.0%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 8.5%, 6.1%, 7.8%, and 5.4% respectively [2]. - Second and third-tier cities also saw a year-on-year decrease in second-hand housing prices of 6.0%, with the decline expanding by 0.4 and 0.2 percentage points respectively [2].

我省纳入统计的还有蚌埠和安庆两座城市，跟2025年11月份相比，蚌埠和安庆新房价格分别下降0.3% 和0.2%，二手房价格价格均下降0.5%。跟2024年12月份相比，蚌埠和安庆新房价格分别下降3.4%和 3.2%，二手房分别下降4.7%和6.6%。 星报讯 1月19日，国家统计局公布2025年12月份70个大中城市商品住宅销售价格变动情况。在新建商品 住宅销售价格指数方面，跟2025年11月份相比，合肥新房价格持平，分户型看，90㎡及以下新房价格持 平，90~144㎡新房价格微涨0.1%，144㎡及以上新房价格下降0.3%。跟2024年12月份相比，价格上涨 1.5%。 在二手住宅销售价格指数方面，跟2025年11月份相比，合肥二手房价格下降0.8%。分户型看，90㎡及 以下、90~144㎡、144㎡及以上二手房价格分别下降0.4%、1.1%和1%。跟2024年12月份相比，合肥二 手房价格下降7.3%。 （来源：市场星报） ...