“Chengdu’s first-hand residential market experienced supply declines in Q1/2025, down 21.8% in the main urban areas and 19.9% in the suburbs. On the demand side, the first-hand residential market in the main urban area saw an increase in both transaction volume and transaction price.”

SOPHY PAN, SAVILLS RESEARCH

Urban housing demand increases significantly

• In Q1/2025, urban first-hand commodity housing transactions totalled 1.33 million sq m, up 53.9% YoY.

• Urban first-hand commodity housing supply was 0.72 million sqm, down 21.8% YoY. 

• Urban first-hand commodity housing price was at an average of RMB28,952 psm, up 11.1% YoY. 

• Suburban first-hand commodity housing supply was 1.12 million sqm, down 19.9% YoY. 

• Suburban first-hand commodity housing transactions totalled 1.71 million sqm, up 14.5% YoY.

• Average suburban first-hand commodity housing price was RMB14,981 psm, down 1.4% YoY.  

• In Q1/2025, 25 residential plots were sold in Chengdu at RMB 21.36 billion, totaling 778,000 sqm of buildable area.