“ Tianjin’s recently introduced relaxations including differentiated residential credit policy and optimized regulations will boost the housing consumption market. Since the beginning of 2024, Tianjin housing market is undergoing a structural adjustment in both supply and demand. With favourable policies, it is expected that reasonable housing consumption will be released, promoting the stable and healthy development of thereal estate market in the future.”

VINCENT LI, SAVILLS RESEARCH  


Policy relaxations boost new supply
• No new serviced apartment projects entered the market in Q2/2024, leaving the total stock at 1,176 units.

• The citywide vacancy rate grew 0.6 ppts QoQ to 17.1% but down 1.4 ppts YoY. Service apartment rents fell 3.0% QoQ to an average of RMB224 psm pmth, up 6.8% YoY.

• First-hand residential supply increased in Q2/2024, recorded at 1.62 million sqm and transaction volume at 2.05 million sqm. New supply grew 23.9% QoQ but down 6.5% YoY whilst transaction volumes increased 17.8% QoQ and down 16.6% YoY.

• First-hand residential transaction price grew 6.1% QoQ and 1.0% YoY to an average of RMB18,561 psm.

• In Q2/2024, the newly launched high-end residential project is the China Overseas Nankai Reflection project in Nankai district, bringing 47,908 sqm of new supply. The high-end residential transaction price fell 3.0% QoQ to an average of RMB 40,071 psm, down 4.9% YoY.