“In 2024, Chengdu’s first-hand residential market saw declines in supply and sales volumes, but the prices increased in the main urban areas. Due to the continued contraction in the supply, residential land transactions decreased, but prices steadily picked up in urban areas.”

SOPHY PAN, SAVILLS RESEARCH



Urban first-hand housing price goes up

• In 2024, urban first-hand commodity housing transactions totalled 4.71 million sq m, down 29.9% YoY.

• Urban first-hand commodity housing supply was 4.74 million sqm, down 20.8% YoY.

• Urban first-hand commodity housing price was at an average of RMB27,223 psm, up 3.4% YoY.

• Suburban first-hand commodity housing supply was 6.17 million sqm, down 26.3% YoY.

• Suburban first-hand commodity housing transactions totalled 7.14 million sqm, down 27.2%.

• Average suburban first-hand commodity housing price was RMB14,601 psm, down 6.1% YoY.

• In Q4/2024, 30 residential plots were sold in Chengdu at RMB 21.48 billion, totaling 897,900 sqm of buildable area.