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how did the property market perform during this year's mid-autumn festival? on september 18, according to data from the china index academy, during this year's mid-autumn festival holiday (september 15-september 17, the same below), the average daily sales area of ​​new homes in 25 representative cities fell by about 29% compared with the 2023 holiday (note: since the mid-autumn festival and national day holidays in 2023 are consecutive holidays, the average daily transactions during the consecutive holidays are selected for comparison with last year). in terms of second-hand housing, during the mid-autumn festival holiday, the number of second-hand housing transactions in key cities such as beijing and shanghai generally increased compared with last year's mid-autumn festival holiday.

xu yuejin, deputy director of research at china index academy, said: "in september, the property market entered the traditional 'golden september' marketing peak season. during the mid-autumn festival holiday, sales offices in many places increased their marketing efforts. however, from the perspective of market performance, only the number of visits to real estate projects in the core areas increased compared with before the holiday. the phenomenon of cold and hot differentiation still exists, and the overall market performance is still relatively flat. in addition, due to the impact of typhoons in jiangsu, zhejiang and shanghai, the pace of real estate transactions has temporarily slowed down."

many new properties in various places offer big discounts, and shanghai's "luxury home fever" continues

judging from the performance of first-tier cities, data from the china index academy shows that the average daily transaction volume of new homes during the mid-autumn festival in beijing increased by 91% compared with the holiday in 2023, making it the only city among the four first-tier cities to increase. the average daily transaction volume of new homes during the mid-autumn festival in the four first-tier cities of shenzhen, shanghai and guangzhou decreased by 7%, 17% and 65% respectively compared with the holiday in 2023.

according to a reporter from the beijing news, as september approaches, new housing projects in beijing have stepped up their promotional efforts. new projects on sale in fengtai district, chaoyang district and other places have launched a variety of preferential housing sources such as "special price houses", "worker-discount houses" and "one-price houses". at the same time, a new project in fengtai district also offered discounts such as "3 worker-discount houses, with an average unit price reduction of more than 10,000 yuan" and "a small number of low-rise houses, with discounts of more than one million yuan". in addition, many projects in chaoyang district and fangshan district have launched physical rewards such as "3,000 yuan in physical goods" and "2,000 yuan in home appliances".

most of the discounts offered by beijing's new housing projects are for "traffic attraction". xu yuejin said: "for beijing's new housing, developers continued their recent promotional activities around the mid-autumn festival and launched exclusive discounts for the mid-autumn festival. at the same time, the number of special-price housing sources increased significantly, and the overall discounts were relatively large. in addition, while developers were 'rolling' prices, they increasingly emphasized product selling points to attract customers to subscribe, but the number of visits to the project sites during the holiday was relatively average."

shanghai has significantly stepped up its efforts to launch new properties in the "golden september". on september 7 this year, shanghai online real estate's official website announced the first batch of residential supply projects in september, with 4 new projects launching a total of 543 new homes. together with the 7,042 units supplied in august, the new home supply in the shanghai market is sufficient, and competition among real estate projects is becoming increasingly fierce.

although affected by typhoon bebejia, the "luxury home fever" of new projects in shanghai continues. during the mid-autumn festival, 14 projects in shanghai opened for subscription, including popular luxury home projects such as zhonghai residence and cuihu tiandi liuheting. from the subscription situation, the subscription rate of the two projects has exceeded 100%, and the number of groups of customers who subscribed to the cuihu phase vi project on the first day of opening, with an average price of 210,000 yuan/square meter, exceeded 70.

the discounts for new properties in guangzhou are even greater. during the mid-autumn festival, more than 40 properties in guangzhou launched promotional activities such as fixed price and special price, and two properties were launched at the same time. from the overall market perspective, market popularity and visit volume have increased compared to before, especially new projects have attracted many buyers with their superior geographical location and high cost performance, but the transaction end has not yet appeared.

among the second-tier cities, chengdu, a "net-famous city" that ranked first in the country in terms of new home sales in the first eight months of this year, ushered in a wave of concentrated new home sales before the mid-autumn festival. a week before the mid-autumn festival, 31 projects collected certificates in a concentrated manner, and 11 projects collected certificates on the last day before the festival alone. according to monitoring by the china index academy, many local projects in chengdu launched related activities for the mid-autumn festival, such as a maximum of 8 points discount (1 point for signing on the 7th, 4 points for clearance discount, 1 point for mid-autumn festival discount, 2 points for buying with parking space), free property parking space for home purchase, group purchase discounts, special price houses, free property management fees, etc.

xu yuejin analyzed: "in terms of new homes, shanghai luxury homes still maintained a high level of attention during the mid-autumn festival this year, but the overall market performance was average due to the impact of the typhoon. the number of visits to projects in the core areas of guangzhou, hangzhou, chengdu, and tianjin was still acceptable, while the performance in shenzhen, suzhou, nanjing and other places was relatively flat during the holiday, and short-term customers were more cautious."

representative cities for the 2024 mid-autumn festival

newly built commercial housing sales

(unit: 10,000 square meters)

shenzhen, hangzhou and other places saw a sharp increase in second-hand housing transaction volume during the holidays

judging from transaction data from various regions, the activity of second-hand houses is significantly higher than that of new houses.

according to data from the china index academy, during the mid-autumn festival holiday in 2024, the average daily number of second-hand housing transactions in shenzhen, hangzhou, qingdao, foshan and other places increased by 229%, 192%, 190% and 159% respectively compared with the holiday period in 2023. they are representative cities with relatively active transactions in the second-hand housing market.

xu yuejin said: "in terms of second-hand housing, during the mid-autumn festival, the number of second-hand housing transactions in key cities generally increased compared with last year's mid-autumn festival. among them, beijing, shenzhen, hangzhou, and foshan are still active in the second-hand housing market under the price-for-volume ratio, especially for some "old, dilapidated and small" houses. after the price drops to the psychological expectation, just-in-time customers gradually enter the market."

since the "golden september" is the traditional peak season for the real estate market, the quality of the "golden september" can reflect the current hot and cold trends of the real estate market. according to statistics from the china index academy, since the "golden september" (september 1-september 17), the sales area of ​​new commercial residential buildings in the 30 key cities has dropped by 15% compared with the same period in august, and a year-on-year decrease of 21%; the number of second-hand housing transactions in the 20 key cities has dropped by 15.3% compared with the same period in august, and a year-on-year increase of 6.5%.

as for the future trend, xu yuejin predicted: "at the market level, the traditional peak season of 'golden september' has started sluggishly, and long-term factors such as residents' income expectations have not improved significantly. the wait-and-see sentiment is still strong. at the same time, affected by the shrinking supply, the new housing market is under pressure, while the second-hand housing market in key cities remains active under the "price-for-volume" strategy. from the trend point of view, the property market policy is expected to be optimized at the end of september. with the support of policies, the market transaction volume in the fourth quarter is expected to pick up."

cover photo by xu qian, a reporter from beijing news shell finance/photos generated by doubao large model

edited by yang juanjuan and proofread by liu baoqing