China’s Housing Market Extends Downward Trend
Prices for both newly built and pre-owned homes dropped across the majority of major and mid-sized urban centers last month.
According to official figures, new residential property prices declined 2.1% year-on-year in first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. They also decreased 2.9% annually across 31 prominent second-tier cities and dropped 3.9% in 35 smaller third-tier urban areas.
However, Shanghai stood out among the top-tier cities, as new home values in the nation’s largest city advanced 4.2% in January compared with the corresponding month a year earlier.
At the same time, resale home prices registered sharper yearly falls, slipping 7.6% in first-tier cities, 6.2% in second-tier municipalities, and 6.1% in third-tier locations.
New housing prices in China have been trending downward since April 2022. A slowdown in the property sector following the pandemic, combined with mounting debt challenges within the real estate industry, has intensified downward pressure on home valuations.
Property development investment nationwide contracted 9.6% in 2023, declined 10.6% in 2024, and plunged 17.2% in 2025, underscoring the sector’s prolonged slump.
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