CRIC Real Estate Research: In March, the new supply area of newly built commercial residential properties in 50 key cities nationwide was approximately 4.88 million square meters, a month-on-month increase of 19%.

CRIC China Real Estate Research releases the March 2026 National Real Estate Market Research Report.
Monitoring data shows that in March 2026, the new supply of commercial residential units in 50 key cities nationwide was approximately 4.88 million square meters, an increase of 19% month-on-month, with the overall supply scale still at a low level.
Cumulative supply area in the first quarter was 14.87 million square meters, a year-on-year decline of 42%.

Looking at the performance across different city tiers, the four first-tier cities supplied about 910k square meters, a surge of 85% month-on-month, the highest increase among all city tiers.
The first quarter’s cumulative supply was 2.1 million square meters, a 35% decrease year-on-year, with the decline further widening compared to February.
Twenty-three second-tier cities supplied about 2.91 million square meters, up 31% month-on-month, with a cumulative supply of 8.47 million square meters, down 48% year-on-year.
Twenty-three third- and fourth-tier cities supplied about 1.07 million square meters, a 23% decrease month-on-month, with a cumulative supply of 4.31 million square meters, down 31% year-on-year.
The new supply scale in third- and fourth-tier cities continues to shrink, and inventory pressure is gradually easing.

New Home Transactions

First- and second-tier cities double month-on-month in March; first quarter’s decline narrows

CRIC monitoring data shows that in March 2026, the transaction area of new commercial residential units in 50 key cities nationwide was approximately 12.14 million square meters, a 103% increase month-on-month, but a 27% decrease year-on-year.
The total transaction area for the first quarter was 27.2 million square meters, down 28% year-on-year.

Looking at different city tiers, the four first-tier cities had a transaction area of about 1.84 million square meters, up 172% month-on-month, with the decline narrowing by 20 percentage points to 21% year-on-year.
The total transaction area in these cities was 388,000 square meters, down 27% year-on-year.
Twenty-two second-tier cities had a transaction area of about 6.93 million square meters, up 111% month-on-month, with a 34% decrease year-on-year, with the decline also narrowing.
Twenty-three third- and fourth-tier cities saw a transaction area of about 3.37 million square meters, an increase of 66% month-on-month, but a 9% decrease year-on-year.
The total transaction area in these cities was 7.96 million square meters, down 14% year-on-year.

Second-hand Home Transactions

“Four consecutive months of growth” to new highs; 20 cities see a 6% YoY increase in transaction area, with a 4% cumulative positive growth

CRIC monitoring data shows that in March 2026, the transaction area of second-hand homes in 20 key cities nationwide was approximately 17.97 million square meters, doubling 117% month-on-month, and increasing 6% year-on-year.
The cumulative transaction area in the first quarter was about 41.08 million square meters, a 4% positive growth year-on-year.

In terms of absolute transaction scale, Chengdu’s second-hand home transaction area reached 2.61 million square meters, ranking first, up 140% month-on-month and 26% year-on-year, with a 21% increase in cumulative YoY.
Next is Shanghai, with a transaction area of about 2.28 million square meters, up 164% month-on-month, and a slight 1% increase YoY, with a 3 percentage point narrowing in the YoY decline.
Beijing, Wuhan, Tianjin, Hefei, Xi’an, and other first- and second-tier cities all saw significant month-on-month growth with areas exceeding 1 million square meters.
Ningbo, Foshan, Yangzhou, and other third- and fourth-tier cities also experienced notable growth in the first quarter, with active second-hand markets.

Land Market

Transaction scale cyclically rebounds both month-on-month and year-on-year; land auction activity continues to decline

In March 2026, after the Spring Festival, the pace of land auctions nationwide accelerated significantly.
Data shows that transaction scale increased both month-on-month and year-on-year.
Land supply for the month was 31.17 million square meters of construction area, flat compared to the previous month, down 27% year-on-year.
Transactions totaled 32.63 million square meters, up 42% month-on-month and 30% year-on-year.
The total transaction amount was 89.7 billion yuan, up 21% month-on-month and 2% year-on-year.
However, considering that in late March, cities like Shanghai and Hangzhou conducted large-volume transactions of premium land parcels, the total land transaction value for the month is expected to remain below last year’s level.

Regarding city tiers, only third- and fourth-tier cities saw year-on-year increases.
In terms of transaction value changes, first-tier cities declined 35% YoY, second-tier cities declined 16%, while third- and fourth-tier cities increased 53%.
Within key monitored cities, Shanghai, Hangzhou, Wuxi, and Ningbo each had transaction amounts exceeding 5 billion yuan, with all cities’ built-up areas not exceeding 1 million square meters.
Due to the decreasing proportion of high-priced land transactions in core cities, the average floor price this month was 2,750 yuan per square meter, down 15% month-on-month.

Land auction activity declined as expected, with the average premium rate in March at 3.1%, down 6.1 percentage points from February, and down 12.5 percentage points year-on-year.
This is partly due to increased land transaction volumes in first- and second-tier cities and partly due to the rising share of third- and fourth-tier city transactions.
However, premium transactions in Chengdong New City, Hangzhou, and Qingpu in Shanghai still achieved premiums.

Regarding high-total-price land transactions, the top 10 parcels are spread across 7 cities.
The top is a parcel in Chengdong New City, Hangzhou, which was auctioned after 109 rounds of bidding and was won by Poly Developments for 910k yuan, with a premium rate of 51.08%.
The average floor price was 45k yuan per square meter, with a building height limit of 56 meters.

In terms of unit price, half of the top parcels are in Shanghai and Hangzhou.
The top parcel is the Changqiao site in Xuhui District.
Originally the site of Dahua Hospital, it has a commercial component of 25%, a plot ratio of 2.0, a total planned construction area of 55.1k square meters, and a residential saleable floor price of 65k yuan per square meter.
It was won at the reserve price of 3.88M yuan by Shanghai Real Estate Development, with an average floor price of 48.5k yuan per square meter.
The building height limit is 80 meters, with a green coverage rate of at least 35%, and the standard for commercial residential decoration starts at 4,000 yuan per square meter.