“ The favourable policies in 2024 have shown effect in promote a sustained development of Tianjin’s housing market. In the future, the residential market will focus more on meeting diversified home-buying demand, especially when the demand for improved housing has gone robust, thus fostering high-quality development in the real estate market. ”

VINCENT LI, SAVILLS RESEARCH



The housing demand is expected to be revitalized

• No new serviced apartment projects entered the market in Q3/2024, leaving the total stock at 1,176 units.

• The citywide vacancy rate grew 0.5 ppts QoQ to 17.6% up 1.1 ppts YoY. Service apartment rents fell 0.3% QoQ to an average of RMB224 psm pmth, up 8.2% YoY.

• First-hand residential supply increased in Q3/2024, recorded at 1.93 million sqm and transaction volume at 1.646 million sqm. New supply grew 19.2% QoQ but down 15.4% YoY whilst transaction volume decreased 19.8% QoQ and down 8.6% YoY.

• First-hand residential transaction price fell 5.9% QoQ, but up 2.2% YoY to an average of RMB17,458 psm.

• No new high-end residential projects were launched in Q3/2024 and transactions were mainly from existing projects. The high-end residential transaction price fell 0.4% QoQ to an average of RMB39,899 psm, down 0.7% YoY.