“In Q4/2024, Tianjin introduced financial policies and real estate incentives aiming at market stabilization and recovery. Demands picked up in the period from both out-of-town buyers and local buyers seeking home upgrade, which boosted market transactions and confidence.”

VINCENT LI, SAVILLS RESEARCH



Tianjin residential market gradually stabilizes

• No new serviced apartment projects entered the market in Q4/2024, leaving the total stock at 1,176 units.

• The citywide vacancy rate fell 0.5 ppts QoQ to 17.1% up 1.2 ppts YoY. Service apartment rents grew 0.8% QoQ to an average of RMB225 psm pmth, up 5.8% YoY.

• First-hand residential supply increased from the previous quarter, recorded at 1.4 million sqm and transaction volume at 2.66 million sqm. New supply fell 27.4% QoQ and down 23.7% YoY whilst transaction volumes increased 61.3% QoQ and up 12.4% YoY.

• First-hand residential transaction prices grew 3.6% QoQ but declined 1.9% YoY to an average of RMB18,079 psm.

• No new high-end residential projects were launched in Q4/2024 and transactions were mainly from existing projects. The high-end residential transaction price fell 1.4% QoQ to an average of RMB40,067 psm, up 1.5% YoY.