National Bureau of Statistics: Sales prices of commercial housing in first-, second- and third-tier cities dropped month-on-month in December

# Source: Wall Street Insights

By Shi Hui

In December 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities saw a **month-on-month decline overall**, with the **year-on-year decrease widening**.

## I. Month-on-Month Declines in Commercial Residential Property Prices Across First-, Second- and Third-Tier Cities

In December, the sales prices of new commercial residential properties in **first-tier cities** dropped by 0.3% month-on-month, with the rate of decline narrowing by 0.1 percentage points from the previous month. Among these cities, Shanghai posted a growth of 0.2%, while Beijing, Guangzhou and Shenzhen recorded decreases of 0.4%, 0.6% and 0.5% respectively.

The sales prices of new commercial residential properties in **second-tier cities** fell by 0.4% month-on-month, with the rate of decline expanding by 0.1 percentage points from the previous month.

The sales prices of new commercial residential properties in **third-tier cities** decreased by 0.4% month-on-month, maintaining the same rate of decline as the previous month.

In December, the sales prices of **second-hand residential properties** in first-tier cities dropped by 0.9% month-on-month, with the rate of decline narrowing by 0.2 percentage points from the previous month. Specifically, Beijing, Shanghai, Guangzhou and Shenzhen reported decreases of 1.3%, 0.6%, 1.0% and 0.6% respectively.

The sales prices of second-hand residential properties in both **second-tier and third-tier cities** fell by 0.7% month-on-month, with the rate of decline widening by 0.1 percentage points in both tiers compared with the previous month.

## II. Widening Year-on-Year Declines in Commercial Residential Property Prices Across First-, Second- and Third-Tier Cities

In December, the sales prices of new commercial residential properties in **first-tier cities** declined by 1.7% year-on-year, with the rate of decline expanding by 0.5 percentage points from the previous month. Among these cities, Shanghai registered a growth of 4.8%, whereas Beijing, Guangzhou and Shenzhen saw decreases of 2.4%, 4.8% and 4.4% respectively.

The sales prices of new commercial residential properties in **second-tier and third-tier cities** dropped by 2.5% and 3.7% year-on-year respectively, with the rate of decline widening by 0.3 percentage points and 0.2 percentage points compared with the previous month.

In December, the sales prices of **second-hand residential properties** in first-tier cities fell by 7.0% year-on-year, with the rate of decline expanding by 1.2 percentage points from the previous month. Specifically, Beijing, Shanghai, Guangzhou and Shenzhen recorded decreases of 8.5%, 6.1%, 7.8% and 5.4% respectively.

The sales prices of second-hand residential properties in both **second-tier and third-tier cities** decreased by 6.0% year-on-year, with the rate of decline widening by 0.4 percentage points and 0.2 percentage points compared with the previous month.

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