近年来，购房者的置业观念悄然转变，多层住宅正逐渐取代高层住宅成为市场新宠。贝壳研究院的数据清晰地 反映了这一趋势：2018年至2020年间，选择多层住宅的购房者比例从18.5%飙升至29.8%，而高层住宅的购买比 例则从57.8%大幅下滑至36.5%。 其次是经过旧城改造的老旧小区。这些老房子通常占据着城市中心或交通便利的地段，周边配套设施完善。经 过旧改，房屋焕然一新，并加装了电梯，无论是居住舒适度还是性价比，都具有相当的吸引力，对于购房家庭 而言是不错的选择。 这种转变并非偶然，而是源于高层住宅自身难以回避的诸多弊端。与多层住宅相比，高层住宅的公摊面积通常 更大，实际使用空间相对缩水。此外，高层住宅容积率较高，楼间距往往较小，直接影响了室内通风和采光效 果，同时也导致小区内空间拥挤，停车困难。更令人担忧的是，一旦发生火灾或地震等紧急情况，电梯停运将 严重阻碍居民逃生和救援工作的展开。 此后，住建部、科技部、工信部等十五部门又联合印发《关于加强县城绿色低碳建设的意见》，进一步规定县 城新建住宅应以6层为主，6层及以下住宅建筑面积占比应不低于70%，且最高不得超过18层。 首先是新建多层住宅。这类住宅的优势显 ...

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 Insights - The domestic real estate market is facing significant challenges, with a notable increase in the number of cities experiencing declines in both new and second-hand residential property prices [1][3] Market Trends - In August, data from the National Bureau of Statistics indicated that out of 70 major cities, 50 saw a month-on-month decline in new residential prices, while 56 cities experienced a drop in second-hand home prices, marking an increase of 10 and 5 cities respectively compared to the previous month [1] - Year-on-year, 49 cities reported a decrease in new residential prices, and 61 cities in second-hand prices, indicating a persistent downward trend in the housing market [1] Buyer Behavior - The era of speculative real estate investment is over, with increasing risks for investors. However, first-time homebuyers with genuine needs, such as marriage and education, still view purchasing property as essential [3] - The continuous reduction in mortgage rates has significantly lowered the cost of homeownership for these first-time buyers [3] Expert Recommendations - Industry experts advise first-time buyers to follow the principle of "buy now, buy low, and avoid distant properties" [4][6] - "Buy now" emphasizes purchasing ready-to-move-in homes rather than off-plan properties, allowing buyers to assess quality and avoid potential risks associated with unfinished projects [4] - "Buy low" suggests opting for low-rise buildings over high-rise ones, as they typically have lower shared areas, better safety features, and greater convenience [6] - "Avoid distant properties" highlights the risks associated with purchasing in remote areas, where infrastructure may be lacking and property values could decline more sharply in a downturn [6]

Core Viewpoint - The popularity of high-rise residential buildings in China is declining as more residents are opting to move back to lower-rise buildings due to various disadvantages that have become apparent over time [4][12]. Group 1: Disadvantages of High-Rise Residential Buildings - High-rise buildings often face significant challenges related to daily commuting, particularly due to limited elevator access, leading to long wait times during peak hours [8][9]. - The maintenance costs associated with elevators in high-rise buildings are substantial, with repairs and replacements becoming a financial burden for residents, prompting some to consider moving [9][13]. - In emergency situations such as earthquakes or fires, evacuation from high-rise buildings is complicated, as elevators may fail, making escape routes less accessible compared to lower-rise buildings [11][12]. Group 2: Market Dynamics and Economic Considerations - The resale market for high-rise apartments is struggling, with owners often needing to sell at prices below market value due to the perceived disadvantages, making it harder to find buyers [12][13]. - High-rise buildings typically have higher shared area ratios (25%-30%) compared to lower-rise buildings (10%-15%), resulting in higher overall living costs for residents [13]. - The shift in consumer preferences towards lower-rise buildings reflects a broader trend of rationalizing housing choices based on practicality and cost-effectiveness [4][12].

Core Viewpoint - The emergence of the "fourth generation residential" in Wenzhou signifies a new wave of housing product iteration, raising questions about the long-term value of existing properties and the future of housing development in the region [1]. Group 1: Current Housing Landscape - Wenzhou has a history of poorly planned "ground-level houses" that have been largely demolished in recent years due to their low quality and chaotic layout [2]. - Many of these ground-level houses remain, particularly in historical cultural districts, where they may be preserved for their cultural value [3]. - Outside historical districts, most ground-level houses in urban villages and suburban areas are expected to face demolition in the long term, although some areas may take decades to see changes [5]. Group 2: Historical Development of Residential Properties - Since the 1980s, Wenzhou has seen the construction of multi-story residential buildings, initially referred to as "new villages," which often lacked basic amenities like elevators [7][13]. - By the 1990s, the quality of these buildings improved slightly, with some using exterior wall bricks, but many still lacked modern features [10][14]. - High-rise residential buildings began to emerge in the late 1990s, but many were still mixed-use and lacked the modern amenities that define contemporary residential complexes [16][19]. Group 3: Evolution of Quality and Design - Starting around 2005, Wenzhou saw the rise of quality residential properties characterized by better landscaping, vehicle separation, and modern architectural styles [22]. - The introduction of luxury properties with glass curtain walls marked a significant shift in design, enhancing the city's image [24][33]. - By 2021, the market faced a downturn, prompting developers to focus on luxury features and amenities to attract buyers [35]. Group 4: Future Trends in Residential Development - The "fourth generation residential" concept aims to enhance living spaces through features like sky gardens and low-density designs, which could redefine the housing market [36][38]. - The success of these new developments will depend on quality maintenance and management, as well as the ability to preserve aesthetic appeal [38]. - As the "fourth generation residential" becomes prevalent, older properties lacking desirable locations or amenities are likely to decrease in value [39].