On January 19, the National Bureau of Statistics released the basic situation of the national real estate market for the year 2025. In 2025, the national real estate development investment amounted to 8.2788 trillion yuan, a decrease of 17.2% compared to the previous year (calculated on a comparable basis). Within this total, residential investment was 6.3514 trillion yuan, down by 16.3%.

The floor space under construction by real estate development enterprises in 2025 was 6.5989 billion square meters, a decrease of 10.0% from the previous year.

In 2025, the sales area of newly built commercial housing was 881.01 million square meters, a decrease of 8.7% compared to the previous year; specifically, the sales area of residential housing decreased by 9.2%. The sales value of newly built commercial housing was 8.3937 trillion yuan, down by 12.6%; within this, the sales value of residential housing fell by 13.0%.

The original text is as follows: Basic Situation of the National Real Estate Market in 2025. I. Completion of Real Estate Development Investment. In 2025, the national real estate development investment was 8.2788 trillion yuan, a decrease of 17.2% from the previous year (calculated on a comparable basis); within this total, residential investment was 6.3514 trillion yuan, down by 16.3%.

In 2025, the floor space under construction by real estate development enterprises was 6.5989 billion square meters, a decrease of 10.0% from the previous year. Specifically, the floor space of residential buildings under construction was 4.60123 billion square meters, down by 10.3%. The floor space of newly started construction was 587.70 million square meters, a decrease of 20.4%. Among this, the newly started floor space of residential buildings was 429.84 million square meters, down by 19.8%. The floor space of buildings completed was 603.48 million square meters, a decrease of 18.1%. Specifically, the completed floor space of residential buildings was 428.30 million square meters, down by 20.2%.

II. Sales and Inventory of Newly Built Commercial Housing. In 2025, the sales area of newly built commercial housing was 881.01 million square meters, a decrease of 8.7% from the previous year; specifically, the sales area of residential housing decreased by 9.2%. The sales value of newly built commercial housing was 8.3937 trillion yuan, down by 12.6%; within this, the sales value of residential housing fell by 13.0%.

At the end of 2025, the inventory area of commercial housing waiting for sale was 766.32 million square meters, an increase of 1.6% from the end of the previous year, but a decrease of 1.0 percentage points from the end of November. Specifically, the inventory area of residential housing waiting for sale increased by 2.8%.

III. Funds Secured by Real Estate Development Enterprises. In 2025, the funds secured by real estate development enterprises amounted to 9.3117 trillion yuan, a decrease of 13.4% from the previous year. Within this total, domestic loans were 1.4094 trillion yuan, down by 7.3%; utilization of foreign capital was 2.5 billion yuan, down by 20.8%; self-raised funds were 3.3149 trillion yuan, down by 12.2%; deposits and advance receipts were 2.8089 trillion yuan, down by 16.2%; and individual mortgage loans were 1.2852 trillion yuan, down by 17.8%.

IV. Real Estate Development Climate Index. In December 2025, the Real Estate Development Climate Index (abbreviated as the "National Real Estate Climate Index") was 91.45. Table 1: National Real Estate Development and Sales Situation in 2025.