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What is the trend of China real estate market in the first half of 2020?
In early 2020, the epidemic had a great impact on China's economy and real estate market. In response to the impact of the epidemic, China's macro-policy countercyclical adjustment has been significantly strengthened, and local policies have become more flexible. After the relief of the superimposed epidemic, the housing demand in the previous period was actively released, and the real estate market in China continued to recover, especially in the hot cities in the Yangtze River Delta. The land market is relatively hot, and brand real estate enterprises are actively promoting online and offline, and their sales performance is basically the same as that of the same period last year.
1, policy
Marginal improvement of regulatory policies, still insisting on "housing without speculation"
In the first half of 2020, the COVID-19 epidemic brought great influence to the economic development of China. The central government has repeatedly stressed the need to intensify counter-cyclical adjustment and maintain a reasonable and sufficient liquidity. Under the background of "six stabilities" and "six guarantees", the industry capital environment is relatively relaxed. At the same time, in order to fully release the domestic consumption potential, strengthen the new urbanization and regional development strategy, decentralize the land examination and approval authority, improve the market-oriented allocation of production factors, accelerate the transformation of old residential areas, and release the medium and long-term benefits of the real estate industry. In terms of real estate regulation and control, the central government still adheres to the positioning of "housing and not speculating". Under the macro background of reasonable and abundant liquidity, financial supervision in the real estate sector is still strict; Local governments are more flexible in urban policies, and many places have introduced real estate support policies from both supply and demand. Although the overall regulatory policy shows a marginal improvement trend, the government still maintains the regulatory efforts and adheres to the bottom line of "restricting purchases" and "restricting loans". The demand side is more implemented from the aspects of relaxing population settlement, lowering the threshold for talent introduction and increasing housing subsidies.
Generally speaking, in the first half of the year, the central government adhered to the position of "housing and not speculating", and financial supervision in the real estate sector remained strict. In response to the impact of the COVID-19 epidemic, local governments are more flexible in policies, but they still stick to the bottom line of "restricting purchases" and "restricting loans" to promote the smooth operation of the real estate market.
2. Market capacity and price
The market continues to pick up, and the volume and price of cities in the Yangtze River Delta are outstanding.
(1) Price: The overall price is stable, and house prices in some hot cities in the Yangtze River Delta are on the rise.
100 The cumulative increase in the average price of new residential buildings in cities is the lowest level in the same period of the past five years, and the chain-on-chain increase has slightly expanded since March. According to the survey data of China Real Estate Index System 100 urban new residential samples, in June 2020, the average price of new residential buildings in 1546 1 yuan/square meter increased by 3. 16% year-on-year, with an increase of 0./kloc over the previous month. The chain rose by 0.53%, and the increase was within 0.6% for 36 consecutive months. In recent months, the chain growth rate has slightly expanded, and the overall growth rate has remained at a low level. Cumulatively, in 2020, affected by the epidemic situation in COVID-19, the cumulative increase in the price of new houses in 100 cities in the first half of the year narrowed by 0. 18 percentage points compared with the same period of last year, to 1.27%.
In terms of echelon, after the epidemic, the market in first-tier cities recovered quickly, with the cumulative increase in the first half of the year ranking first among all echelons; The market in second-tier cities is gradually picking up, some hot cities are picking up faster, and house prices have stopped falling and stabilized; The third and fourth lines represent the narrowing of the cumulative growth rate of cities in the first half of this year. Some cities are affected by multiple factors, and the recovery of the real estate market is relatively slow, and they may face adjustment pressure in the later period. In terms of urban agglomerations, the property market in the Yangtze River Delta has picked up significantly. In the first half of the year, regional house prices rose by 2.72%, an increase of 1.66 percentage points over the same period of last year. The cumulative increase in the Pearl River Delta is at a low level in the same period of the past five years; The cumulative performance of Beijing-Tianjin-Hebei and Shandong Peninsula declined for the first time in the past five years, and the market recovery was relatively weak.
As for the price of second-hand housing in Baicheng, according to the survey data of China Real Estate Index System 100 urban second-hand housing, the average price of second-hand housing in Baicheng continued to rise in the first half of 2020, among which the month-on-month increase in1-May continued to expand. In June, due to the slowdown in the release of the previous backlog of home purchase demand, the supply of new houses increased, the chain increase narrowed, and the overall price remained stable. Cumulatively, in the first half of 2020, the average price of second-hand residential buildings in Baicheng increased by 1.72%, which was1.1percentage point higher than that in the second half of last year, showing a steady but slightly increasing trend.
(2) Transaction scale: It continued to recover after deepening adjustment, and the Yangtze River Delta market recovered quickly.
In the first half of the year, the transaction area of new houses in key cities decreased year-on-year, and the absolute scale was the lowest since 20 15. Since March, the market has gradually picked up, and the transaction area from May to June is close to the average level of the same period in the past three years. According to the preliminary statistics of the middle finger data, the average monthly transaction area of new commercial housing in 50 representative cities in the first half of 2020 was about 22.4 million square meters, down about 15% year-on-year, and the transaction scale was the lowest level in the same period since 20 15 years. Since March, the domestic epidemic has been effectively controlled, and the real estate market has gradually picked up under the comprehensive effects of various factors such as flexible local policies, active marketing by enterprises, and interest rate cuts to reduce the cost of buying houses. In May, the transaction area of commercial housing in 50 representative cities turned positive for the first time year-on-year, and in June it was slightly higher than the average level in the same period of the past three years.
The Yangtze River Delta represents a rapid pace of urban market recovery, and the current year-on-year growth rate of transaction scale is significantly higher than the overall level of 50 cities. In February this year, affected by the epidemic situation in COVID-19, the transaction area of commercial housing in representative cities in various regions dropped significantly year-on-year. In contrast, the year-on-year decline in the Yangtze River Delta and Pearl River Delta regions is slightly lower than the overall level of 50 cities, and the market shows some flexibility. In the first half of the year, the transaction area of commercial housing in representative cities in the Yangtze River Delta decreased by less than 10% year-on-year, which was the lowest among all regions.
In terms of second-hand housing, from June 5438 to May 2020, the transaction scale of most cities affected by the epidemic decreased compared with the same period of last year. From June 5438 to May 2020, the cumulative sales area of second-hand houses in key cities nationwide was 49.82 million square meters, down 26. 1% year-on-year. In March, with the effective control of the epidemic, the second-hand residential transactions gradually picked up, and the transaction scale increased nearly four times from the previous month, but it still decreased by 40.6% compared with the same period last year; In April and May, some cities have gradually recovered to the same level as last year.
At the beginning of 2020, under the impact of the COVID-19 epidemic, the real estate market fell in volume and price in a short period of time, especially in volume, with the year-on-year decline of new houses and second-hand houses reaching the largest in recent years. Since March, with the gradual effectiveness of central and local policies, such as multiple interest rate cuts, policy support at both ends of the supply chain, major planning, etc., the mood of buyers has improved, and the previous backlog of market demand has actively entered the market. At the same time, enterprises seize the sales window period, increase sales promotion and innovate marketing models, which also drives home ownership sentiment. The prices of new and second-hand houses both rose slightly month-on-month. From May to June, the transaction scale of new houses was close to the average level of the same period in the past three years, but in the short term, the normalized epidemic prevention and control and the greater pressure of economic development brought more uncertainties to the real estate market. In the face of the current market situation, the enthusiasm of enterprises to push the market continues unabated, and the pace of pushing the market may not be completely released in the second half of the year, and the market will continue to recover.
(3) Transaction structure: the prices of products at all levels in hot cities have risen, and the demand for improved products has accelerated.
Based on the total package price and combined with the transaction volume, we divide different levels of real estate in 30 cities into three categories: medium and low prices, medium and high prices and high prices. The specific division method is as follows: First, all new houses are arranged in descending order according to the total package price. The first 10% of the transaction volume belongs to high-priced buildings, and 10%-40% belongs to medium-high-priced buildings, and the last 60% belongs to medium-low prices.
Note: The data coverage of real estate transactions in different cities is different. For example, Beijing and Shanghai include all districts and counties, while Chongqing and Langfang only cover the main city, excluding the counties and cities under their jurisdiction. Property types of transaction data in different cities include * * * property houses, excluding affordable housing. For the specific coverage area and property type, please refer to the detailed description of CREIS data. The data for the first half of 2020 are1-May statistics, the same below.
Among the 30 representative cities, the median transaction price of real estate in Jinan, Qingdao, Tianjin and Fuzhou decreased compared with 20 19, while the average transaction price and total price of real estate in hot urban agglomerations such as Suzhou, Hangzhou and Foshan increased, and the price increase in most cities narrowed obviously. Specifically, the real estate markets in Jinan, Qingdao and Tianjin are relatively lacking in demand vitality. Since 2020, cities have been affected by factors such as price reduction and promotion, and the price of new houses has declined as a whole. For example, the median and average value of the total transaction price of Jinan real estate decreased by 16.0% and 10.3% to1420,000 yuan and1660,000 yuan respectively; The median total price of real estate transactions in Qingdao and Tianjin also dropped by about 4%. Hot cities represented by core urban agglomerations have strong demand support, rapid market recovery and higher prices than last year. Among them, Suzhou, Hangzhou, Foshan and other hot second-and third-tier cities have also seen obvious price increases in the past six months, with the average price and median increase exceeding 10%, and the market has maintained a certain heat. On the whole, the number of cities where the total real estate transaction price has increased is more than that of cities that have fallen. However, under the influence of the epidemic, the increase of the median and average price of real estate transactions in most cities has been significantly narrowed or decreased compared with 20 19 years.
In the first half of 2020, under the influence of COVID-19 epidemic, the real estate markets in different cities were adjusted. However, influenced by urban fundamentals, the development stage of the real estate market and other factors, the urban market differentiation is becoming more and more obvious, the demand of hot cities in some core urban agglomerations rebounded strongly, and the total transaction price of real estate rose slightly. In terms of transactions, the release of improved demand accelerated. At the same time, under the influence of the epidemic, people put forward higher requirements for living space, which also promoted the transaction fever of high-end projects to some extent. Looking ahead, with the further weakening of the epidemic, the scale of market transactions may continue to make up, but under the strict policy tone, the overall price increase can be controlled. In the long run, there is still much room for improved demand, and the proportion of high-quality mid-to high-end projects in different cities will increase in the future.
3. Land
The supply of high-quality plots has increased, and land auctions are hot.
The supply scale of residential land in 300 cities across the country increased slightly, and the degree of land pushing increased significantly in the second quarter. In the first half of 2020, 300 cities nationwide launched 65.438+0.9 billion square meters of land, up 654.38+0.5% year-on-year. Among them, 540 million square meters of residential land was launched, up 1.0% year-on-year. The transaction scale of residential land declined in the first half of the year. In the first half of 2020, the land transactions in 300 cities nationwide were 870 million square meters, down 6.0% year-on-year, of which 430 million square meters were residential land transactions, down 5.4% year-on-year. Specifically, the residential land transaction in the first quarter was 65.438+0.4 billion square meters, down 22.8% year-on-year; The scale of land supply has increased in the second quarter. Since February, local governments have introduced supply-side support policies, which has boosted the confidence of enterprises in land acquisition. The transaction volume of residential land reached 290 million square meters, a year-on-year increase of 6.4%.
The floor price of residential land transactions reached the highest level in the same period in recent years, with a significant year-on-year increase. In the first half of 2020, the average floor price of residential land in 300 cities in China was 5 154 yuan/square meter, which was the highest level in the same period in recent years, with a year-on-year increase of 16.5%. The rise of the average floor price of residential land in 300 cities is mainly affected by the structural factors of land transactions in various cities. At the same time, high-quality plots in some hot cities are concentrated in the market, and many high-premium plots are sold, which also promotes the overall increase in the average floor price of residential land transactions. In terms of premium rate, the average premium rate of residential land in 300 cities nationwide in the first half of the year was 16.5%. In the first and second quarters of this year, the average floor price and premium rate of residential land transactions continued to rise. In the second quarter, the average floor price of residential land was 5367 yuan/square meter, the highest value in recent quarters, up 14.3% year-on-year. The premium rate is 17.9%.
On the whole, in the first half of 2020, the amount of residential land in 300 cities nationwide increased slightly, and the transaction volume decreased. In the second quarter, land supply increased significantly, and the decline in transaction area narrowed. In terms of price, since February this year, many supply-side support policies have been introduced, such as delaying or paying land transfer fees in installments, relaxing pre-sale conditions, and delaying completion time. At the same time, the central bank continues to use active monetary policies such as RRR cuts and interest rate cuts to maintain a reasonable and sufficient liquidity. The capital of some enterprises has improved, and the high-quality plots in hot cities have been listed on the market, so enterprises have a high enthusiasm for land acquisition. The average floor price increase and premium rate of residential land transactions in 300 cities across China have exceeded 15%. It is expected that in the second half of the year, local governments will continue to accelerate the pace of land promotion, and the performance of the land market is expected to become rational, but the land market in some hot cities will still maintain a certain degree of heat.
4. Brand housing enterprises
Online and offline active marketing, sales performance close to the same period last year.
In the first half of 2020, the development strategies of different camps of housing enterprises have been divided. Among them, the super camp exceeded 65.438+00 billion * * 654.38+03, with an average sales growth rate of 2.2%. Evergrande and other enterprises have achieved stable development of performance by virtue of extensive layout, multi-site linkage and centralized push.
On behalf of housing enterprises, the average completion rate of sales targets in the first half of 2020 is 40%. In 2020, affected by the COVID-19 epidemic, the sales of housing enterprises were under pressure. By the first half of the year, the average annual sales target completion rate of key monitoring housing enterprises was 40%, lower than the previous year's level. It is expected that in the second half of the year, with the negative impact of the epidemic on the real estate market gradually weakening, the supply of enterprises will continue to increase, and "promoting sales and grabbing money back" will remain the top priority.
The degree of land acquisition by enterprises declined, and the enthusiasm for land acquisition rebounded significantly in the second quarter. In the first half of 2020, 20 brand real estate enterprises took a total of10.63 million square meters, down 26.5% year-on-year; The accumulated land acquisition amount was 754.7 billion yuan, a year-on-year decrease of 1 1.0%. Specifically, in the first quarter, affected by the epidemic, the pace of pushing land in some cities slowed down or suspended, and the scale of land acquisition by enterprises dropped significantly; Since April, under the influence of factors such as the gradual recovery of market confidence in home ownership, the increase in the volume of high-quality land parcels in various places, and a slight improvement in funds, 20 brand real estate enterprises have adjusted the pace of land acquisition and their enthusiasm for land acquisition has been significantly improved. In the second quarter, the amount and area of land acquired by enterprises doubled.
On the whole, in the first half of 2020, brand real estate enterprises comprehensively used online and offline marketing channels to increase project promotion and promotion to alleviate the impact of the suspension of sales on the return of chemical products under the epidemic situation, but the completion rate of sales targets was less than expected. In terms of land acquisition, enterprises flexibly adjust their land acquisition strategies, and large-scale housing enterprises seize the market window period to actively replenish high-quality soil reserves, and the overall investment layout is inclined to high-energy cities. Under the background of stabilizing leverage and preventing financial risks, real estate financial supervision is still strict, the capital situation of high-quality state-owned enterprises and large enterprises with good financial conditions has improved, the cash flow pressure of small and medium-sized housing enterprises has increased, and the industry concentration has further improved. Looking forward to the second half of the year, in the face of the uncertainty of epidemic situation and economic development, brand housing enterprises still need to assess the situation, get their money back around the sales target, and at the same time increase the exploration of potential city layout and product innovation to achieve sustained, stable and quality growth.
1, industry environment
The economy is expected to improve quarter by quarter, and the word "stable" is the first in the regulatory policies.
In terms of macro-economy, under the premise that the domestic epidemic situation is effectively controlled in the second half of the year, China's economy will gradually recover, and the rapid development of infrastructure investment and the year-on-year growth of real estate investment will drive the improvement of fixed assets investment, while the growth space of consumption is limited under the comprehensive influence of many factors. On the whole, China's economy is expected to improve quarter by quarter in the second half of the year, but we need to be alert to the risks brought by various uncertainties, and the overall economic growth pressure is still relatively high. The domestic financial environment will remain relatively loose, and reasonable and abundant liquidity will provide more favorable capital demand for economic recovery and development. For the real estate market, the real estate market will also benefit from a stable and relaxed financial environment. The decline in the financing cost of housing enterprises and the decline in the cost of housing purchases by residents are all conducive to the recovery and development of the market.
In terms of policy, China's real estate market regulation will remain unchanged in the second half of 2020, in which short-term financial supervision may be tightened to curb the bubble of real estate financialization. In this context, with the promotion of the new urbanization strategy, the development advantages of the real estate market in the core cities of the eastern urban agglomeration and the central cities in the midwest with outstanding population appeal may be highlighted.
2. Market trends
In the second half of the year, the pressure of market sales adjustment and the intensification of urban differentiation pushed investment to focus more.
In 2020, the COVID-19 epidemic has brought certain influence to China's economy and real estate market. Combining the policy signals conveyed by important domestic conferences after the epidemic and the mainstream views of domestic and foreign research institutions, we put forward the following assumptions about the annual market environment:
Suppose 1: macroeconomic growth is elastic (GDP growth1.0 ~ 3.0%);
Assumption 2: Urbanization advances steadily (urbanization rate rises to 61.6%);
Scenario 3: the monetary policy is stable and flexible, the liquidity is reasonable and abundant (M2 increases 10% ~ 12%), and the credit environment improves (RMB loans increase by about 20 trillion);
Scenario 4: Adhere to the positioning of "housing and not speculating", continue to make policies for the city, and promote the stable and healthy development of the real estate market.
In view of the fact that the cycle of China real estate market is in the downward stage, and the macroeconomic uncertainty is increasing under the influence of COVID-19 epidemic in 2020, we predict that the national real estate market will show the characteristics of "high adjustment of sales scale, slight decrease of newly started area and slow investment growth" in 2020.
Trend one
In the second half of the year, the sales volume will be gradually adjusted, and the average sales price may maintain a small structural increase.
Under the background that the industry policy environment will remain relatively stable in the second half of the year, with the continuous weakening of the favorable marginal effects of policies such as credit easing and regulation optimization in the short term, and the sustained and rapid release of the backlog demand in the previous period, the pace of market demand entering the market may slow down, and the international epidemic continues to spread, and the epidemic situation recurs in some parts of China. There are still some uncertainties in the development of domestic epidemic situation and economic trend in the second half of the year, which will further restrict the rebound of market scale, and the market is likely to be in an adjustment channel in the second half of the year. It is worth noting that after the outbreak, the measures taken by the central and local governments, such as easing credit and optimizing regulation, have achieved remarkable results, and the promotion of demand release enthusiasm can basically offset the impact brought by the epidemic. The adjustment of market scale is more due to the cyclical downturn, and the annual decline of sales area is expected to be between 5% and 6.5%.
In the second half of the year, under the premise that the positioning of "housing and living without speculation" remains unchanged and residents' income expectations are unlikely to change significantly, house prices do not have the basis for sustained and comprehensive rise; And with the demand gradually returning to rationality, the pressure of project de-transformation will appear. Under the price reduction and promotion strategy adopted by real estate enterprises, there may be a possibility of small fluctuations in house prices. However, considering that there are still opportunities for high-quality plots to appear in the land market in the second half of the year, the floor price of land transactions is expected to continue to operate at a high level. In addition, the proportion of high-priced improved projects pushed by housing enterprises has increased, which can provide strong support for housing prices. It is expected that the overall house price will be stable in the second half of the year, and the average selling price will keep a slight increase due to factors such as structural upward movement.
Trend 2
The pace of homestead supply is expected to accelerate, and the land market may gradually cool down.
In 2020, the planned supply area of residential land in Baicheng is 28,000 hectares, which is basically the same as last year. Among them, the first line represents that the planned supply of residential land in the city in 2020 is 1.293 hectares, up by 17.5% year-on-year, and Shenzhen is close to 100%. The second line represents the planned supply of urban residential land of 9000 hectares, up by 5.2% year-on-year, and 19 second line represents the planned supply of urban residential land increased year-on-year; The third and fourth lines represent the planned supply of urban residential land of 6.5438+0.8 million hectares in 2020, down 3.4% year-on-year.
By comparing the land supply plan of 100 cities in 2020 with the total amount of land launched in the first half of the year, it is found that the pace of pushing land in most cities is slow in the first half of the year, and the residential land area launched by 100 cities accounts for 36. 1% of the annual supply plan, which is 5.9 percentage points lower than that of the same period last year. /kloc-the total supply of residential land in 0/00 cities in the second half of the year will be higher than that in the first half of the year, the pace of land supply is expected to accelerate, and the land market fever may be alleviated. For enterprises, some hot cities will continue to increase their efforts in the second half of the year, and there are still many opportunities for enterprises to obtain high-quality soil reserves. Enterprises should be more cautious in taking land in the short term, and don't blindly chase the Diwang project, so as not to adversely affect the flow of funds.
Trend 3
In the second half of the year, the scale of new construction increased steadily and slightly, and investment maintained a high growth rate.
The enthusiasm of real estate enterprises for new construction is closely related to market sales. Although there is pressure to adjust the scale of the national real estate market in the second half of the year, there is still room for demand release during the short-term epidemic, investment preservation demand driven by the improvement of credit environment, and improvement demand driven by the epidemic. It is expected that in the second half of the year, housing enterprises will continue to actively push goods, seize the sales window, implement high turnover strategy, and maintain a certain enthusiasm for starting work; In addition, judging from the land transaction area of 300 cities, the land reserve is relatively sufficient and the land supply has a trend of heavy volume, and the foundation for new construction growth is good. On the other hand, the uncertainty of epidemic development and the continuous accumulation of market inventory will also restrict the obvious improvement of the enthusiasm of housing enterprises. It is estimated that the scale of new construction will increase slightly in the second half of 2020, but it will still be in a state of adjustment throughout the year.
In the second half of the year, the land purchase fee will still maintain a certain growth rate to support the sustained growth of development investment, but the overall pulling force will be weakened. Considering the continuous adjustment of land transaction price in 20 19, the decline in the second half of the year has narrowed, but it has not been corrected, and at this stage, due to the improvement of credit environment and the active land acquisition behavior of real estate enterprises, it is more likely that the growth rate of land acquisition fee will remain at the current level in the second half of 2020, which will further support the continued growth of development investment. However, there is still a gap between its growth rate and 20 19 years, so the overall development investment is not good.
The completion process will be accelerated in the second half of the year, and the recovery of construction investment cost is expected to stimulate the rapid growth of development investment. In recent years, the sales area of commercial housing in China has maintained a high level after rapid growth, but the scale of completion has continued to fluctuate, and the gap with sales completion has gradually widened. At present, it has been more than three years since the sales peak of 20 16, and the pressure of industry completion and delivery continues to stand out. With the relief of the epidemic, the completion process of housing enterprises will be accelerated. In May 2020, the completed area of commercial housing in China returned to normal, with a year-on-year increase of 6.2%. It is expected that the construction process will continue to deepen in the second half of the year, and the investment cost of construction projects is expected to continue to increase (up 9.3% year-on-year in May), thus driving the national development investment to maintain a relatively high growth rate.
Trend 4
With the intensification of urban differentiation, the focus of investment is more focused on long-term support of hot cities.
First-tier cities: The market demand in first-tier cities is strong, but strict epidemic prevention and control measures have delayed the pace of demand entering the market. Compared with other cities, the rebound of market scale is relatively mild. It is expected that real estate investment and new construction in first-tier cities will remain high in the second half of the year, and sales will gradually recover.
Second-tier cities: Second-tier cities have a prominent population. In recent years, in order to strengthen competitiveness, cities actively attract talents, and the market demand elasticity is more prominent. In the second half of the year, the market size of second-tier cities has a basis for continuous recovery; On the other hand, in view of the fact that the implementation of the man-land linkage system will further expand the development space of the real estate market in hot cities, it is expected that the investment focus of housing enterprises will continue to focus on hot cities in the second half of the year, especially the developed urban agglomerations in the east.
Third-and fourth-tier cities: Demand in some cities has been overdrawn. In addition, the shed reform will be further weakened in 2020, and the demand sustainability will be weak. In the second half of the year, sales will be under pressure, and investment in housing enterprises will be more cautious, start or adjust.
Trend five
The demand for improved products has accelerated, products have been continuously iteratively upgraded, and the property service industry has developed rapidly.
Judging from the proportion of sales sets of residential projects in 30 cities, the number of sales sets of improved products in 20201-May, 120- 144 square meters, 144-200 square meters and over 200 square meters is higher than that in 20 19 years. According to the latest survey results of residents' willingness to buy houses in Zhongzhi Baicheng, in June, nearly 40% of the respondents indicated that the short-term demand for buying houses was improved by changing houses, and the improved demand occupied an important position. In addition, affected by the current residential characteristics of urban residents, all kinds of home buyers prefer three types of medium and large-sized products, and the demand for such products accounts for 44%, which is significantly higher than other types. It is expected that with the weakening of the epidemic, there will still be a large room for changing houses in the market, and under the influence of policies such as purchase restriction, some buyers prefer to choose products in one step, and the proportion of high-end projects is expected to continue to rise.
In addition, influenced by the regression of housing attributes and the accelerated stimulus of epidemic situation, the key factors of products, such as the rationality of product internal function division, community matching, and the embodiment of product health concept, have a prominent impact on the purchase decision, which will further promote the iterative upgrading of industry-focused products and realize the perfect development of human settlements. At the same time, the outbreak of the epidemic also provided a rare opportunity for the development of the property management service industry and accelerated the release of the demand for property services. China has a large stock of houses, and the property management service industry has considerable room for development. The layout of housing enterprises in the real estate field may reconstruct the competitive pattern of the real estate industry in the future.
References:
Overview of China real estate market in the first half of 2020 and trend prospect in the second half.
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