China’s Housing Market Faces Continued Price Declines
According to data from the National Bureau of Statistics (NBS), average new home prices fell by 1.2% year-on-year in first-tier cities like Beijing, Guangzhou, and Shenzhen. In 31 second-tier large cities, prices dropped 2.2%, while 35 medium-sized third-tier cities experienced a decline of 3.5%.
Shanghai, the nation’s most populous city and an economic hub, was an exception among first-tier cities, with new home prices rising 5.1% annually.
At the same time, second-hand home prices continued to slide, decreasing 5.8% year-on-year in first-tier cities, 5.6% in second-tier cities, and 5.8% in third-tier cities.
New property prices in China have been trending downward since April 2022. The ongoing downturn in the post-pandemic real estate market, combined with emerging debt problems within the sector, continues to exert pressure on housing prices.
Real estate investment dropped 9.6% in 2023 and 10.6% in 2024, with an even steeper decline of 15.9% recorded between January and November 2025. Meanwhile, new home sales fell 7.8% per square meter during the first 11 months of this year.
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