Chinese property prices in 100 cities have continued to drop for 33 consecutive months.

China’s real estate market continues to languish, as indicated by the latest data. In January 2025, second-hand housing prices in one hundred Chinese cities fell by 0.51% compared to the previous month, marking a 33-month consecutive decline.

According to a report from the China Index Research Institute, in January 2025, the average price of second-hand residential properties in one hundred cities was 14,130 yuan (RMB) per square meter, representing a 0.51% month-on-month decrease. This decline has persisted for 33 months, with the rate narrowing by 0.02% compared to December 2024. Year-on-year, prices dropped by 7.22%, indicating a significant decline in the second-hand housing market over the past year.

Data from the China Real Estate Index System for one hundred cities showed that in January, second-hand housing prices in first-tier cities decreased by 0.15% month-on-month. Among them, Shenzhen’s prices remained flat, while Beijing and Shanghai saw declines ranging from 0.1% to 0.2%. Second-tier city prices fell by 0.58% month-on-month, and third and fourth-tier cities experienced a 0.59% decrease in second-hand housing prices.

Analysts at Reuters predict that this year, China’s real estate sales volume and prices will further decline, with the rate potentially lower than that of 2024.

Earlier last month, Caixin reported that a report from Lianping Research Institute of Big Data on residential properties revealed that in December 2024, second-hand housing prices in one hundred cities recorded the largest decline in recent years. The average price of second-hand housing in these key cities was 14,166 yuan per square meter, 4.18% lower than the average price in 2018.

Additionally, in January 2025, the average selling price of newly-built homes in one hundred cities was 16,693 yuan per square meter. Boosted by the introduction of some improvement projects to the market, new housing prices showed a structural increase of 0.23% month-on-month. Out of the cities surveyed, 47 saw price increases, 41 witnessed decreases, and 12 remained stable in terms of price changes.