“Chengdu’s first-hand residential market saw a decline in supply and sales in 1H/2024, but the average transaction price remained stable. Chengdu’s land market turnover declined sharply, while the average land price in the main urban areas increased in contrast to those with significant decline in the suburbs.”

SOPHY PAN, SAVILLS RESEARCH



First-hand residential price in the main urban area edged up to RMB27,684 psm.

• In 1H/2024, first-hand commodity housing supply in urban areas was about 2.45 million sqm, down 12.5% QoQ and 23.3% YoY.

• Urban first-hand commodity housing transactions totalled 2.08 million sqm, down 32.7% QoQ and 42.2% YoY.

• Average first-hand commodity housing price was RMB27,684 psm, up 5.2% QoQ and 4.4% YoY.

• In 1H/2024, first-hand commodity housing supply in suburban areas was about 3.14 million sqm, down 11.9% QoQ and 34.6% YoY.

• Suburban first-hand commodity housing transactions totalled 3.17 million sqm, down 25.9% QoQ and 42.5% YoY.

• Average suburban first-hand commodity housing price was RMB15,713 psm, up 1.1% QoQ and 0.9% YoY.

• Residential land transactions in urban areas reached 317,000 sqm.