“While overall market sentiment remained subdued in Q2/2025, prime locations continued to attract interest, both in terms of project launches and land bidding. This reflects growing polarisation in buyer demand and developer focus.”

JAMES MACDONALD, SAVILLS RESEARCH



Market activity cools

• First-hand commodity residential supply surged 127.4% in Q2/2025 to 1.69 million sqm, down 22.2% YoY.

• First-hand commodity residential transaction volumes increased 18.6% QoQ to 1.66 million sqm, down 9.5% YoY.

• Average transaction prices grew 1.9% QoQ to RMB81,717 per sqm, up 2.9% YoY.

• Six projects including Opus One, Blossoms China, Century Land and Origins added 719 apartments to the market in Q2/2025.

• First-hand high-end apartment transaction volumes decreased 51.8% to 192,400 sqm in Q2/2025, down 16.2% QoQ.

• First-hand high-end apartment transaction price index grew 2.5% QoQ and 3.5% YoY in Q2/2025 to an average of RMB147,909 per sqm.

• Second-hand residential sales volumes edged up 0.24% QoQ to 4.7 million sqm, up 2.8% YoY. Average transaction prices decreased by 1.5% QoQ to RMB413,40 per sqm, the same level last year.

• Two batches and ten residential plots were sold in Q2/2025. These had a total buildable area of 937,000 sqm and generated RMB 31 billion in sales. The average accommodation value (AV) reached RMB33,040 per sqm.