On January 19, 2026, the National Bureau of Statistics released data on the national real estate market for 2025. Overall, investment, construction, and new starts remained weak, and sales had not yet turned upward. However, the growth rate of inventory had slowed compared to earlier, indicating the market was still in a phase of "deep adjustment and gradual bottoming out."
Investment Side: Development Investment and New Starts Continue to Shrink
Data show that in 2025, national real estate development investment was 82.788 billion yuan, down 17.2% year-on-year; residential investment was 63.514 billion yuan, down 16.3%. By property type, office building investment saw a deeper decline, and commercial business properties also experienced negative growth.
Looking at the construction chain, the constructed area of houses decreased by 10.0% year-on-year; the decline in new construction area reached 20.4%, and the completion area decreased by 18.1% year-on-year. The simultaneous weakening of new starts and completions indicates that supply-side recovery still needs time.
Demand Side: Sales Still Declining, Inventory Growth Slows
In terms of sales, the area of newly built commercial housing sold in 2025 was 88.101 million square meters, down 8.7% year-on-year; the corresponding sales amount was 83.937 billion yuan, down 12.6% year-on-year. The synchronized weakening of area and amount reflects that transaction recovery is still unstable, and the impact brought by price and structural divergence persists.
Notably, at the end of the year, the area of commercial housing awaiting sale was 76.632 million square meters, up 1.6% year-on-year, and the year-on-year increase slowed by 1.0 percentage point from the end of November; the residential area awaiting sale increased by 2.8% year-on-year. The market typically interprets this as "de-stocking pressure remains, but the speed of inventory accumulation has slowed."
Funds and Prosperity: Decline in Available Funds, Prosperity Index Remains Low
On the financial side, real estate development enterprises in 2025 received 93.117 billion yuan in funds, down 13.4% year-on-year. Domestic loans, self-raised funds, deposits and advance payments, and individual mortgage loans all declined, indicating that both financing and sales returns continue to constrain the industry.
In terms of prosperity indicators, the "National Real Estate Prosperity Index" was 91.45 in December 2025. This index is in a weak range, suggesting that in the environment of policy support and market clearing coexisting, the short term is more of a "bottoming out" process rather than a rapid turnaround.
