Core Insights - The average price of private residences in Bishkek has increased by 35.1% year-on-year in the first eight months of 2023, reaching 16.177 million som (approximately $186,000) [1] Price Trends - The highest average residential price is found in the October district, at 24.634 million som (approximately $283,000) [1] - Other areas in Bishkek have starting prices for residences at 12 million som (approximately $138,000), depending on the location and condition of the property [1]

Core Insights - There is a significant shift in homebuyer preferences from high-rise buildings to multi-story residences, with the proportion of buyers choosing multi-story homes increasing from 18.5% in 2018 to 29.8% in 2020, while high-rise purchases dropped from 57.8% to 36.5% [1][3] Group 1: Reasons for Preference Shift - High-rise buildings typically have larger shared areas, reducing actual usable space, while multi-story homes offer better cost-effectiveness due to smaller shared areas [3] - High-rise buildings often have higher plot ratios, leading to narrower spacing between buildings, which negatively impacts ventilation and lighting [3] - The risk of emergencies, such as fires or earthquakes, poses significant challenges for high-rise residents, particularly if elevators fail [3] - The difficulty and high costs associated with the demolition of high-rise buildings, especially in lower-tier cities, may lead to a decline in their value over time [5] Group 2: Government Actions - The Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission have issued guidelines to limit the construction of super-tall buildings, with a focus on restricting new buildings over 250 meters and requiring thorough justification for buildings over 100 meters [5][6] - A joint opinion from multiple government departments emphasizes that new residential buildings in county towns should primarily be six stories or lower, with a minimum of 70% of new residential area being six stories or below [8] - New regulations require that any new super-tall buildings in cities with populations under 3 million must undergo strict approval processes, indicating a significant reduction in the number of new high-rise constructions [10] Group 3: Future Housing Trends - The demand for newly constructed multi-story residences is expected to rise due to their advantages, including lower shared areas, better cost-effectiveness, improved green space, and enhanced safety [11] - Renovated older neighborhoods are also gaining popularity, as these properties often have prime locations and upgraded amenities, making them attractive to homebuyers [11]

Core Viewpoint - The recent trend among real estate professionals shows a growing interest in stairwell apartments, which possess unique advantages over elevator apartments, particularly in urban core areas [1][3]. Group 1: Advantages of Stairwell Apartments - **Prime Location**: Stairwell apartments are often located in the core areas of cities, providing easy access to essential services like markets, schools, and hospitals, which is a stark contrast to the longer commutes required for suburban elevator apartments [5]. - **Community Feel**: The close-knit community atmosphere in stairwell apartments fosters strong neighborly relationships, unlike the more isolated living experience in elevator buildings [6]. - **Lower Living Costs**: Stairwell apartments typically have lower property management fees, saving residents significant amounts over time, and they also have a higher potential for redevelopment and compensation during urban renewal projects [7]. - **Quiet Environment**: The absence of elevator noise and the presence of mature green spaces contribute to a more peaceful living environment in stairwell apartments [8]. - **Better Usable Space**: Stairwell apartments generally have lower shared area ratios, resulting in more usable living space compared to elevator apartments, which often have higher common area percentages [9]. Group 2: Considerations When Purchasing Stairwell Apartments - **Beware of Elevator Installation Promises**: Potential buyers should be cautious of claims regarding future elevator installations, as these often require significant consensus among residents and can be difficult to implement [10]. - **Floor Selection**: Choosing the right floor is crucial; floors 3 to 4 are recommended for their balance of accessibility and comfort, while floors 1 and 6 should be avoided due to various drawbacks [11]. - **Quality Inspection**: Given the age of many stairwell apartments, thorough inspections for structural integrity, plumbing, and electrical systems are essential to avoid costly repairs later [12]. Group 3: Conclusion - Stairwell apartments are not universally superior to elevator apartments; the choice depends on individual needs, such as the importance of location, cost, and community versus accessibility for those with mobility issues [13]. - The increasing preference for well-located and quality stairwell apartments reflects changing urban living trends, particularly for properties with outdoor space [14].

Highlights - Real estate companies are focusing on product dynamics, with Greentown Community upgrading its commercial strategy to create a "Million Club" brand cluster [4][12] - The demand for cabinet furniture is shifting towards movable, intelligent, and multifunctional combinations, indicating a trend from static living to dynamic lifestyles [7][21] - The overall market transaction structure is trending towards larger areas, with products over 120㎡ seeing increased transaction proportions compared to the previous year [32][39] Customer Trends - The residential structure is evolving, with a notable increase in the transaction share of larger units, particularly in first-tier cities where 100-120㎡ and 120-140㎡ products have seen a rise in market share [32][39] - In second-tier cities, the transaction center is shifting upwards, with products over 120㎡ gaining market share, especially in the 140-160㎡ segment [32] - Third and fourth-tier cities are showing similar trends, with increased market shares for products over 120㎡ [32] Product Highlights Analysis - The demand for cabinets is changing, with consumers preferring functional upgrades and new experiences, leading to a decline in traditional cabinet types [21][24] - The design of residential spaces is adapting to these changes, emphasizing flexible and open layouts to accommodate movable and intelligent furniture [24][25] Excellent Project Analysis - Suzhou Gongchen Jinmao Mansion combines "canal assets, technology residences, and Jinmao brand" to create a pure improvement community, supported by a three-dimensional transportation system [8][63] - The project features unique architectural aesthetics and high-efficiency space layouts, with a focus on community interaction and ecological integration [46][56] Product Structure Characteristics - The national residential product structure shows a shift towards larger units, with significant increases in the transaction share of products over 120㎡ [32][39] - In the Bohai Rim region, high-priced products are gaining strength, while the share of products below 1 million yuan is declining [33][38] - The transaction share of three-bedroom units remains dominant, with a notable increase in the share of four-bedroom units [39][44]

Core Insights - The preference for spacious flat residences, once favored by urban elites and business owners, is declining as wealthy individuals are increasingly moving away from these properties [1] Group 1: Market Dynamics - The resale challenges of large flats create a dilemma; ordinary families find the high prices of second-hand large flats unaffordable, while affluent families prefer new, customized options, leading to a lack of demand for second-hand large flats [3] - The high maintenance costs associated with large flats, including cleaning, property management, and heating fees, add significant financial pressure over time [5] Group 2: Financial Considerations - The renovation costs for large flats can be exorbitant, often reaching hundreds of thousands, making them less accessible for many working-class families compared to smaller residences [6] - The overall financial burden of owning a large flat, including initial investment and ongoing expenses, is prompting a reevaluation among wealthy buyers [8] Group 3: Lifestyle Factors - Large flats may not suit all family types; smaller households may feel isolated in such expansive spaces, and the layout can hinder community interaction compared to multi-unit buildings [7]

Summary of Key Points Core Viewpoint - In September 2025, the sales prices of new residential properties in 70 major cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow. Group 1: Month-on-Month Price Changes - In September, the sales prices of new residential properties in first-tier cities decreased by 0.3%, with Beijing and Shanghai experiencing slight increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [2] - Second-tier cities saw a month-on-month decline of 0.4%, which is an increase in the rate of decline by 0.1 percentage points compared to the previous month [2] - Third-tier cities also experienced a month-on-month decline of 0.4%, remaining consistent with the previous month [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0% respectively [2] Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new residential properties in first-tier cities decreased by 0.7%, with a narrowing of the decline by 0.2 percentage points compared to the previous month. Shanghai saw an increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [3] - Second-tier cities experienced a year-on-year decline of 2.1%, and third-tier cities saw a decline of 3.4%, both narrowing by 0.3 percentage points [3] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with a narrowing of the decline by 0.3 percentage points compared to the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 2.7%, 2.4%, 6.0%, and 1.7% respectively [3] Group 3: Price Index Data - The price index for new residential properties in September 2025 shows that Beijing's index was 100.2, while Shanghai's was 99.4, indicating slight variations in price trends across cities [4] - The price index for second-hand residential properties in September 2025 indicates that Beijing's index was 99.1, reflecting a decrease compared to previous months [5] - The classification index for new residential properties shows that properties under 90m² had a month-on-month index of 100.0 in Beijing, while properties over 144m² had an index of 100.5, indicating different trends based on property size [6][7]

Core Viewpoint - The sales prices of commercial residential properties in various cities continue to show a narrowing decline year-on-year [1] Group 1 - The decline in sales prices of commercial residential properties is observed across multiple city tiers [1] - The trend indicates a potential stabilization in the real estate market as the rate of decline decreases [1]

Core Viewpoint - The allure of high-rise living is diminishing as residents face increasing challenges and dissatisfaction with their living conditions, leading to a notable trend of moving away from high-rise apartments [1][14]. Group 1: Resident Sentiment - Many residents who once cherished their high-rise apartments are now expressing regret over their choices, citing issues such as elevator failures and the physical toll of living in tall buildings [3][4]. - A significant decline in the popularity of apartments above 18 floors is evident, dropping from 33.6% in 2017 to 22.7% in 2020, with nearly 70% of homebuyers preferring lower floors [6]. Group 2: Elevator Dependency - High-rise residents are heavily reliant on elevators, and any malfunction can lead to significant inconvenience, with reports of long wait times during peak hours [7][8]. - The increasing usage of elevators correlates with a rise in malfunction rates, particularly in buildings designed with insufficient elevator capacity for the number of residents [8]. Group 3: Safety Concerns - Fire safety in high-rise buildings poses serious risks, as evacuation and rescue operations become increasingly difficult with height, especially when existing firefighting resources are inadequate [10]. - The rapid spread of fire in high-rise buildings is alarming, with examples of fires escalating quickly due to flammable materials used in construction [10]. Group 4: Shared Space and Costs - The increase in shared public areas in high-rise buildings has led to a rise in common area costs, with some buildings seeing shared space ratios increase from 20% to as high as 46%, significantly raising the effective cost per square meter for residents [11]. - High-density living often results in overcrowded public spaces, leading to complaints about noise and lack of community cohesion among residents [11]. Group 5: Maintenance and Infrastructure - The rapid aging of facilities in high-rise buildings, coupled with poor property management, often results in delayed repairs and maintenance, leaving many amenities in disrepair [12]. - The complexity of decision-making among a diverse group of residents can hinder necessary upgrades and repairs, leading to prolonged issues with essential services like elevators and water supply [12][13]. Group 6: Changing Perspectives - The perception of high-rise living as a modern ideal is shifting, with increasing regulatory measures like "height limits" indicating a potential reevaluation of urban living standards [14]. - The economic implications of high-rise living are becoming a pressing concern, as the high costs associated with these properties may lead to a decline in living quality, raising questions about their long-term viability as desirable residences [14].

Group 1: Housing Market Dynamics - The implementation of the "Six Policies" in Shanghai has led to an increase in housing market activity, with September seeing a total transaction volume of 2.07 million square meters, an 8% month-on-month increase and a 24% year-on-year increase [1] - The new policies have resulted in improved subscription levels for new housing projects, with 43 projects listed in September and an average subscription ratio of 0.75, higher than the year-to-date average of 0.71 [1] - The sales of new homes in September reached 550,000 square meters, representing a 28% month-on-month increase and a 14% year-on-year increase [1] Group 2: Market Sentiment and Trends - Despite the recent policy relaxations, market sentiment remains cautious, with limited immediate impact on overall first-hand transaction volumes [2] - High-end residential projects with unique locations and product offerings are expected to continue attracting high-net-worth clients, while the average price of high-end second-hand homes is anticipated to face downward pressure due to buyer hesitance [2] - The logistics real estate sector is focused on cost reduction, with new projects near consumer hubs attracting tenants [2] Group 3: Investment Market Outlook - The investment market in Shanghai showed signs of recovery in Q3 2025, with 17 asset transactions totaling 14.97 billion yuan, a 78.1% increase quarter-on-quarter [3] - Future expectations for the commercial real estate investment market in Shanghai are positive, driven by ongoing macroeconomic policy support, increased foreign investment interest, and the release of scarce core assets [3]

Core Insights - The article highlights the common misconceptions regarding floor selection in real estate, emphasizing that many buyers prioritize superstitions over practical living conditions [4][7] - Data from 2025 indicates that certain traditionally "unlucky" floors, such as the 4th, 13th, and 14th, have lower average transaction prices, making them attractive options for savvy buyers [3][4] - The article suggests that the ideal floor choice should be based on practical factors affecting living quality rather than outdated beliefs [7][8] Group 1: Old Beliefs vs. Reality - A significant 57% of buyers regret their floor choice after moving in, indicating a disconnect between traditional beliefs and actual living experiences [4] - The most popular floor range in new residential sales is between the 6th and 11th floors, accounting for 45% of total sales [4] Group 2: Floors to Avoid - Equipment floors and adjacent levels should be avoided due to high noise and vibration complaints, with residents near these areas reporting noise complaints 5.7 times more than those in regular floors [5] - The second floor is prone to plumbing issues, particularly in buildings with outdated drainage systems, leading to potential flooding problems [5] - Waistline floors and their adjacent levels can cause water accumulation and affect indoor lighting, leading to maintenance challenges [5] Group 3: Misunderstood First and Top Floors - Modern construction techniques have improved the conditions of first and top floors, with first floors often featuring elevated designs to mitigate moisture issues [6] - First-floor units with private gardens can command a market premium of 8%-12%, especially in upscale communities [6] - Top floors benefit from enhanced waterproofing and insulation technologies, reducing leakage risks by 75% and maintaining higher market values due to privacy and views [6] Group 4: Rational Floor Selection - The article advocates for a rational approach to floor selection, suggesting that middle floors (8th to 18th in a 30-story building) typically offer the best balance of comfort and practicality [7] - Factors such as orientation and surrounding environment significantly impact property values, with south-facing units priced 10%-15% higher than north-facing ones [7] Group 5: Recommendations for Buyers - Buyers should assess their core needs, considering factors like family composition and climate conditions when selecting a floor [8] - Awareness of building specifics and noise levels is crucial, as studies show that floors above the 10th level experience 8-12 decibels less noise than lower floors [8] - The article emphasizes the importance of moving beyond outdated beliefs to make informed decisions that enhance living comfort and property value [8]