Core Insights - Hangzhou's second-hand housing market shows signs of recovery in November after seven consecutive months of decline, with a transaction volume of 6,561 units, representing a month-on-month increase of 10.6%, but still down 37.1% year-on-year [1][2] Group 1: Market Performance - The average transaction price for residential properties in Hangzhou in November was 26,114 yuan per square meter, down 2.5% month-on-month and 13.8% year-on-year [2] - The top 20 communities by transaction volume saw a significant reshuffle, with many previously low-profile, affordable housing projects gaining attention due to price adjustments, leading to a resurgence in transaction volumes [4] Group 2: Buyer Preferences - First-time homebuyers dominate the market, with properties priced below 3 million yuan accounting for 71.6% of transactions, an increase of 0.4 percentage points from October [4] - The trend indicates a preference for larger units within lower total price brackets, as buyers seek to enhance living quality [4] Group 3: School District Properties - School district properties experienced unexpected popularity in November, typically a peak season from March to May, with significant sales in communities like Jindi Zizai City, which sold 32 units at an average price of 29,232 yuan per square meter [5][6] - The price characteristics of school district properties show that larger units tend to have lower per-square-meter prices, appealing to families with specific educational needs [5][6]

Core Insights - The Shenzhen real estate market has shown significant growth in both new and second-hand housing transactions in 2025, with total transactions reaching 111,519 units from January to November, marking a 12% year-on-year increase and the highest level in five years [1][3] Group 1: Market Performance - New housing transactions in November reached 3,624 units, representing an 8.1% month-on-month increase, while second-hand housing transactions exceeded 5,000 units, indicating a steady recovery in market confidence and activity [1][3] - The continuous increase in transaction volume for second-hand homes has been observed for nine consecutive months, with November's volume rising to 5,762 units, suggesting a stabilization phase for the market [5] Group 2: Factors Influencing Market Growth - The increase in transaction volume is attributed to a combination of policy support, urban development benefits, and seasonal market dynamics. Recent policy adjustments, such as the relaxation of purchase restrictions, have lowered entry barriers for buyers [3] - The announcement of the 2026 APEC conference to be held in Shenzhen has boosted market confidence regarding the city's development potential and core asset values, particularly in high-demand areas like Shenzhen Bay and Houhai [3] - The traditional peak season for property transactions at the end of the year has also contributed to the uptick in activity, as buyers aim to finalize purchases before the year-end and developers offer incentives to boost sales [3] Group 3: Market Segmentation - The transaction volume is heavily concentrated in core districts such as Longgang, Futian, and Nanshan, which account for 92.3% of total transactions, while peripheral areas face pressure [7] - There is a notable demand pattern emerging, characterized by strong interest in both entry-level and luxury properties, with the Longgang Central City area leading in transaction volume for affordable housing, while high-end segments in Nanshan also show robust performance [7]

Core Viewpoint - The emergence of low-priced housing along Youth Street in Shenyang reflects a significant shift in the real estate market, indicating that the era where properties could rely solely on prime locations for value is over. Future property values will depend on a combination of location scarcity, product quality, and lifestyle integration [11][18]. Group 1: Market Trends - Recently, there has been a surge in low-priced housing listings in Shenyang, with properties near Youth Street being advertised for as low as 10,000 to 20,000 yuan [3][5]. - The average transaction prices for older properties in the area have dropped significantly, with some units selling for as low as 3,545 yuan per square meter [5][11]. Group 2: Property Characteristics - Many of the low-priced listings are for older properties, often over 20 years old, which face challenges such as lack of elevators, outdated layouts, and poor property management [11][13]. - Properties like those in Guangchang Community have been sold at prices that reflect their age and condition, with some units being sold for as low as 13,000 yuan total [5][11]. Group 3: Market Dynamics - The overall second-hand housing market in Shenyang has seen a decline, with a 0.2% decrease in prices in October, ranking third in terms of price drop among 70 cities [11][12]. - The trend of low-priced housing is a response to the market's downward adjustment, as homeowners seek to liquidate assets in a challenging economic environment [11][15]. Group 4: Future Outlook - The future value of properties in prime locations like Youth Street will be closely tied to urban renewal plans and infrastructure upgrades expected to be completed by 2030 [16]. - Buyers are now faced with a choice between investing in older properties in established areas for potential renovation benefits or opting for newer developments in emerging districts [18].

Group 1 - On December 1, 2025, Beijing recorded 289 new home online signings with a total area of 16,024.73 square meters, including 64 residential signings covering 9,050.34 square meters [1] - The second-hand housing market saw 531 online signings, with a total area of 45,752.41 square meters, of which 452 were residential signings covering 42,129.62 square meters [1] - The total number of available new homes for sale is 96,961 units, with a total area of 8,070,241.24 square meters, including 42,102 residential units covering 5,803,678.63 square meters [2] Group 2 - As of December 1, 2025, there are 208,898 unsold units with a total area of 11,534,818.72 square meters, including 29,055 residential units covering 3,423,566.73 square meters [2] - The online signing for existing homes in October 2025 reached 13,595 units, with a total area of 1,167,466.88 square meters, including 12,087 residential units covering 1,083,486.46 square meters [3]

Core Insights - In November, the total online signing volume for new and second-hand residential properties in Shenzhen reached 7,116 units, reflecting a month-on-month increase of 3.9% but a year-on-year decrease of 57.3% [1][2] Group 1: Market Performance - The online signing volume for new residential properties was 2,644 units, showing a slight month-on-month decline of 0.3% and a year-on-year decline of 72.3% [2] - The online signing volume for second-hand residential properties was 4,472 units, with a month-on-month increase of 6.6% and a year-on-year decrease of 37.2% [2] - The second-hand housing market has shown stable demand, with transaction volumes exceeding 5,000 units for nine consecutive months [4] Group 2: Pricing Trends - The average transaction price for second-hand properties in Shenzhen was 57,000 CNY per square meter in November, reflecting a month-on-month decrease of 3.2% [4] - The proportion of transactions from first-time homebuyers in the 3-5 million CNY range has increased, contributing to the decline in average transaction prices as sellers have more negotiation space [4] Group 3: Upcoming Developments - High-end projects are entering the market, with the Shenzhen Bay project launching 348 units of over 200 square meters, achieving sales of approximately 13 billion CNY, marking the highest single-project sales total in the country this year [2] - Other high-end projects, such as the Shekou招商玺 and 中信信悦湾, are expected to launch in December, indicating a promising outlook for the new housing market [2]

Core Viewpoint - The article discusses a significant shift in the real estate market in Hangzhou, where second-hand homes are increasingly preferred over new properties, reflecting a change in buyer sentiment and market dynamics [8][10][19]. Group 1: Market Trends - In 2024, the transaction volume of second-hand homes in Hangzhou reached 93,632 units, marking a four-year high and surpassing new home sales for the first time in history [8]. - From January to October 2025, over 70,000 second-hand homes were sold, while new home sales were less than 30,000, indicating that second-hand home transactions were more than double that of new homes [8][9]. - In 2021, new home sales were nearly double that of second-hand homes, showcasing a dramatic reversal in market preference over five years [9]. Group 2: Buyer Preferences - A growing proportion of buyers are opting for second-hand homes, with many not exclusively focusing on newly delivered properties [12]. - Among the top 10 properties viewed, 7 were newly delivered in the last five years, but only 28.4% of buyers showed interest in these newer options, with actual transactions for such homes being even lower at 16.9% [13][15]. - Homes aged 5-10 years accounted for 27.1% of transactions, while those aged 10-15 years made up 20.9%, indicating a strong market for older properties [15]. Group 3: Value of Second-hand Homes - The primary advantage of second-hand homes lies in their certainty, allowing buyers to assess quality, layout, and environment firsthand [16][17]. - For first-time buyers, well-decorated second-hand homes offer immediate occupancy, saving time and renovation costs [18]. - For families seeking improvement, second-hand homes are often located in well-established areas with proven amenities, such as schools and hospitals, enhancing their appeal [19]. Group 4: Market Evolution - The shift from a focus on new homes to a more balanced view of both new and second-hand homes reflects a broader transition in the Chinese real estate market from rapid growth to high-quality development [19]. - The article emphasizes that homes are ultimately for living, not for speculation or anxiety, highlighting a more rational approach to home buying [20].

Core Insights - The luxury residential market in Hong Kong continues to perform well, with over 100 transactions of properties priced above 50 million HKD recorded in the fourth quarter to date [1][3] - The total number of transactions has increased by approximately 12% compared to the third quarter, surpassing the second quarter's figures and setting a new high for the past four quarters [1][3] - The market is expected to challenge the record of 140 transactions in the fourth quarter of 2024 [1] Transaction Breakdown - Among the 103 transactions above 50 million HKD, the Kai Tak area recorded the highest number with 37 transactions, accounting for about 35.9% of the total [3] - The second highest area was Mid-Levels West with 28 transactions, representing approximately 27.2% [3] - Other areas included North Point with 8 transactions, Ho Man Tin and Ap Lei Chau with 7 and 6 transactions respectively, and Mid-Levels Kowloon with 4 transactions [3] Notable Developments - The top-selling new development in the fourth quarter was Kai Tak's The Sky, Phase 2, with 18 transactions [3] - The second place was taken by Mid-Levels West's The Peak, with a total of 16 transactions [3] - The third was Kai Tak's The Residences, which recorded 11 transactions [3] Highest Transaction Values - The highest transaction recorded was for a top-floor connected mansion in Mid-Levels Kowloon, sold for approximately 580 million HKD [3] - The second highest was a top-floor triplex unit in Jardine's Lookout, sold for about 420 million HKD [3] - Additionally, two other transactions exceeded 300 million HKD, with prices of approximately 352 million HKD and 338 million HKD for properties in The Peak and Kowloon Tong respectively [3]

北京商报讯（记者 王寅浩 李晗）北京市住建委官网数据显示，11月27日北京新房网签275套，网签面积17658.56平方米，其中住宅网签79套，网签面积 9907.52平方米；二手房网签762套，网签面积66628.36平方米，其中住宅网签697套，网签面积63188.24平方米。 | 商品房数据统计 | | | | | --- | --- | --- | --- | | 可售期房统计 | 2025 年10月预售许可 | | 2025/11/27 | | 可售房屋套数: 97556 | 批准预售许可证： | മ | 网上认购 | | 可售房屋面积(M2): 8135779.7800 | 批准预售面积(M2):146520.6600 | | 网上认购面积 | | 其中 42852 | 其中 | 697 | 其中 住宅 | | 面积(M2): 5879298.0300 | 面积(M2): 110554.8000 | | 面积 | | 商业单元： 283 | 商业单元： | 0 | 图业 | | 面积(M2): 181109.2000 | 面积(M2): | 0.0000 | 面积 | | 办公单元： 521 | ...

从总价分布上看，10月总价低于200万元和高于1000万元的房屋成交占比均有提升，均价低于4万元/平 方米和处于10万元／平方米-12万元/平方米区间的房屋占比亦有不同程度提升，反映出新市民、品质改 善及教育相关需求入市增加。 新房市场方面，2025年10月，北京新建商品住宅成交3211套，同比、环比分别下降24.3%、2.4%，去年 同期受政策影响，成交基数较高，同比出现较大波动，当前市场处于中位成交水平。 成交均价同比上 涨3.8%、环比下降2.2%。 高原认为，从成交结构来看，刚需市场支撑较强，改善需求分化较大，高端市场价值凸显，这种"哑铃 型"需求结构预示着新房市场正在从单一房产向综合价值体系演进。 根据北京市住建委官网数据，2025年10月北京市二手住宅网签量为12087套，同比下降30.4%，环比下 降23.7%。 北京链家研究院院长高原分析称，网签量下降主要受"高基数效应"影响。同比来看，去年10月 受"930"政策影响网签量整体较高；环比来看，9月份受多方因素影响网签量也高于一般月份。此外，10 月工作日数量较少，网签减少属正常现象。 高原介绍，从链家签约数据看，10月成交量略低于9月份，走势 ...

北京商报讯(记者王寅浩李晗)北京市住建委官网数据显示，11月26日北京新房网签175套，网签面积15757.48平方米，其中住宅网签74套，网签面积9214.49 平方米；二手房网签805套，网签面积68964.78平方米，其中住宅网签707套，网签面积62751.32平方米。 | 可售期房统计 | | 2025 年10月预售许可 | | 2025/11/26 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 95785 | 批准预售许可证: | 9 | 网上认贴 | | 可售房屋面积(M²): 7930014.1200 | | 批准预售面积(M²): 146520.6600 | | 网上认购面积 | | 其中 | 41702 | 其中 住宅套数: | 697 | 其中 住宅 | | 面积(M2): 5693352.8400 | | 面积(M2): 110554.8000 | | 面积 | | 商业单元: | 283 | 商业单元: | 0 | 商业 | | 面积(M2): 181109.2000 | | 面积(M2): | 0.0000 | 面料 | | 办公单元: ...