[Explanation] During the Spring Festival holiday that just passed, the transaction volume of the real estate market in many places in China was flat, but the number of viewings increased significantly.
[Explanation] According to statistics released by the Middle Finger Research Institute, during the Spring Festival in 2023, China's new housing market is in a downward adjustment phase, which has cooled significantly compared to before the Spring Festival, but the number of visits has increased.
[Concurrent] Chen Wenjing, Director of Market Research, Index Division, China Index Research Institute
During the Spring Festival in 2023, the scale of new housing transactions in representative cities remained at a low level, which was almost 21% lower than last year’s Spring Festival holiday, and it was about 75% of 2019 when it returned to the early stage of the epidemic. Compared with last year's Spring Festival, the average number of visits to projects in key cities has increased, such as Beijing, Hangzhou, Chengdu, Xi'an and so on.
[Explanation] During the Spring Festival, real estate in Beijing, Shanghai, Xi'an, Tianjin and other places have started the "no closing" mode, and many real estate have also launched promotional measures such as special prices and discounts to attract home buyers.
Chen Wenjing pointed out that from the perspective of the number of visits, home buyers' home purchase expectations have slightly recovered.
[Concurrent] Chen Wenjing, Director of Market Research, Index Division, China Index Research Institute
On the whole, it is still relatively heavy to wait and see, so we see that the transaction is slightly insufficient. Factors such as income expectations and house price expectations are still key factors that have an important impact. Some core cities have a relatively good fundamentals because of the city’s fundamentals. We believe that this trend of market recovery has initially emerged.
[Explanation] Compared with the Spring Festival in 2022, during the Spring Festival in 2023, the number of viewings and transactions in the second-hand housing market also increased.
[Concurrent] Xu Xiaole, Chief Market Analyst of Shell Research Institute
During the Spring Festival this year, the shell search platform covered 50 key cities. The number of second-hand housing listings increased by nearly 30% compared with last year’s Spring Festival. The viewing volume of key cities in Chengdu, Chongqing and the Pearl River Delta increased significantly compared with last year, reflecting the Consumption expectations in these cities are shifting.
The transaction volume during the Spring Festival is relatively small, but compared with last year's Spring Festival, there is still an increase of about 57%.
[Explanation] Every March to April is the "Little Yangchun" of the property market. Analysts believe that judging from the performance of the property market during the Spring Festival, "Little Yangchun" may appear in a few cities, but the overall restoration will still take time.
[Concurrent] Xu Xiaole, Chief Market Analyst of Shell Research Institute
Compared with the "Xiaoyangchun" in the past, this year's market will definitely not suddenly increase in popularity. It will take time for consumers' preferences and purchasing power to recover, and real estate companies are still in the stage of destocking. According to the indicators of Shell First, we It is expected that the recovery of the second-hand housing market will be better than that of new housing, and the performance of key cities in the Pearl River Delta and Beijing-Tianjin-Hebei will be better than other cities.
Reporter Liu Chao reports from Beijing
Editor in charge: [Ji Xiang]