Data from the NBS showed that in March, the selling price of newly built commercial residential properties in first-tier cities shifted from being flat MoM in the previous month to an increase of 0.2% MoM. Among them, Beijing remained flat, while Shanghai, Guangzhou, and Shenzhen rose by 0.3%, 0.3%, and 0.2%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities declined 0.2% and 0.3% MoM, respectively, with the declines unchanged from the previous month. Among the 70 large and medium-sized cities, 14 cities saw MoM increases in newly built commercial residential selling prices, an increase of 4 cities from the previous month. In March, the selling price of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline unchanged from the previous month. Among them, Shanghai rose 3.7%, while Beijing, Guangzhou, and Shenzhen declined by 2.1%, 4.7%, and 5.5%, respectively. The selling price of newly built commercial residential properties in second-tier cities fell 3.3% YoY, with the decline widening by 0.2 percentage points. The selling price of newly built commercial residential properties in third-tier cities fell 4.0% YoY, with the decline unchanged from the previous month.
Selling Prices of Commercial Residential Properties in First-Tier Cities Rose MoM in March; MoM Declines in Second- and Third-Tier Cities Narrowed or Remained Unchanged
— Interpretation of Statistical Data on Changes in Commercial Residential Selling Prices in March 2026 by Wang Zhonghua, Chief Statistician of the Urban Division of the NBS
In March 2026, among the 70 large and medium-sized cities, selling prices of commercial residential properties in first-tier cities rose MoM, while MoM declines in second- and third-tier cities narrowed or remained unchanged. The number of cities with MoM increases in selling prices of both newly built commercial residential properties and second-hand residential properties increased from the previous month.
I. Selling Prices of Commercial Residential Properties in First-Tier Cities Rose MoM; MoM Declines in Second- and Third-Tier Cities Narrowed or Remained Unchanged
In March, the selling price of newly built commercial residential properties in first-tier cities shifted from being flat MoM in the previous month to an increase of 0.2% MoM. Among them, Beijing remained flat, while Shanghai, Guangzhou, and Shenzhen rose by 0.3%, 0.3%, and 0.2%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities declined 0.2% and 0.3% MoM, respectively, with the declines unchanged from the previous month. Among the 70 large and medium-sized cities, 14 cities saw MoM increases in newly built commercial residential selling prices, an increase of 4 cities from the previous month.
In March, the selling price of second-hand residential properties in first-tier cities shifted from a decline of 0.1% MoM in the previous month to an increase of 0.4% MoM. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen rose by 0.6%, 0.4%, 0.2%, and 0.4%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities declined 0.2% and 0.4% MoM, respectively, with the declines narrowing by 0.2 and 0.1 percentage points, respectively. Among the 70 large and medium-sized cities, 13 cities saw MoM increases in second-hand residential selling prices, an increase of 11 cities from the previous month.
II. Selling Prices of Commercial Residential Properties in First-, Second-, and Third-Tier Cities Declined YoY
In March, the selling price of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline unchanged from the previous month. Among them, Shanghai rose 3.7%, while Beijing, Guangzhou, and Shenzhen declined by 2.1%, 4.7%, and 5.5%, respectively. The selling price of newly built commercial residential properties in second-tier cities fell 3.3% YoY, with the decline widening by 0.2 percentage points. The selling price of newly built commercial residential properties in third-tier cities fell 4.0% YoY, with the decline unchanged from the previous month.
In March, the selling price of second-hand residential properties in first-tier cities fell 7.4% YoY, with the decline narrowing by 0.2 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen declined by 8.3%, 6.2%, 8.1%, and 7.0%, respectively. The selling price of second-hand residential properties in second-tier cities fell 6.2% YoY, with the decline unchanged from the previous month. The selling price of second-hand residential properties in third-tier cities fell 6.4% YoY, with the decline widening by 0.1 percentage points.
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