亚太住宅市场动态报告：市场在逆风中展现韧性

Asia Pacific ResidentialMarket Dynamics Markets exhibit resilience while navigating headwinds jll.com Contents 01 Hong Kong05Beijing06Shanghai07Guangzhou08Singapore09Bangkok10Jakarta11Kuala Lumpur12Manila13Ho Chi Minh City14Delhi15Mumbai16Bengaluru17Chennai18Pune19Kolkata20Hyderabad21Sydney22Melbourne23Brisbane24 PrimeResidentialRental Clock Residential investment ResearchHong KongResidential | Q2 2025 Hong Kong •Declining interest rates contribute to higher transaction volume.•One residential site will be tendered in Q3 2025.•Luxury residential rents continue their upward trajectory. HIBOR declined sharply from 4.1% at end-April to 0.9% by end-June.For a 30-year mortgage, this resulted in a monthly payment reductionof about 15.4%. The lower rates bolstered market confidence, drivinga 37.5% q-o-q increase in residential transactions in Q2. Deep WaterPavilia in Wong Chuk Hang launched 101 units at an average price ofHKD 20,932 per sq ft, undercutting all completed Southside projects.Mass residential capital values edged down by 0.4% q-o-q in Q2 2025. values rising by 0.3% q-o-q in Q2 2025. Sales momentum is rebuildingin luxury residential markets. In Q2 2025, the transaction volume forproperties valued at or above HKD 50 million increased by 70.0% q-o-q. Meanwhile, luxury residential capital values declined by 1.1% q-o-qin Q2 2025. Outlook Amid oversupply and financial pressure, developers will likelymaintain aggressive pricing strategies to sustain sales momentum.We expect mass and luxury residential capital values to drop by about5% and 5-10% in 2025, respectively. Luxury rents are projected tocontinue rising, driven by an influx of mainland Chinese families andaccelerating return of expatriates. We expect luxury residential rentalvalues to rise by 0-5% in 2025. In Q1 2025, 9 luxury residential units were completed. These includedeight units at 'Onmantin' in Homantin, and one unit at 48A&50 LaSalle Road in Kowloon Tong. A total of 345 luxury residential units areexpected to be completed in 2025. In Q3 2025, The Government willtender a residential site at Hoi Chu Road, Tuen Mun (TMTL 569), withan estimated capacity of 525 residential units. Demand in the luxury leasing market continues to be bolstered by aninflow of mainland families and the return of expatriates, with rental ResearchBeijingResidential | Q2 2025 Beijing •Luxury apartment sales hit a record high.•Seven projects newly launch in Q2 2025.•High supply and demand in the luxury market but falling prices. Following the previous quarter's trend, sales volumes were highlydependent on supply dynamics. In the quarter, a two-year quarterlysales peak of 2,100 units was reached, three-quarters of them fromprojects newly launched in H1 2025. The flight-to-quality trendcontinues as some top-tier residential projects with prime locationsposted solid sales performances, the target customers of which madequick decisions. However, buyers were broadly cautious amideconomic uncertainties. In Q2 2025, excluding newly launched projects, the price of luxuryapartments fell by 2.3% q-o-q. Although the cost of purchases hasbeen lowered due to the loose monetary environment, confidencehas not fully recovered, bringing divergent performance. The leasingmarket downturn in terms of lease volume continues. Also, thecontinued decline in secondary prices forced more sellers to changeplans from selling to leasing, increasing supply in the leasing market. Outlook In the quarter, supply in Beijing's luxury apartment market reachedapproximately 3,300 units, with H1 2025 overall supply exceeding thefull-year figure seen in 2024. Seven high-end projects in Haidian,Chaoyang and Fengtai entered the market. Land supply remainedmoderate, with 11 plots transacted during the quarter. The averagepremium rate dropped to 2.6%. Only three land plots in the HaidianDistrict are likely to be developed into high-end residential projects. Monetary policy is expected to remain loose in the short-term. Thecurrent high supply and price advantages have provided buyers withmore options. The annual transaction volume in the primary marketwill increase significantly compared to last year. With the boost insales volume, price declines in 2025 are expected to narrow in theprimary market. Secondary market prices will continue to facedownward pressure as the high supply in the primary market drawssome buyers away. ResearchShanghaiResidential | Q2 2025 Shanghai •High-end sales momentum in core submarkets remained solid.•Ten high-end projects launched for sale in the quarter.•High-end primary price continues to edge up. In Q2, Shanghai eased housing credit policies by lowering minimummortgage rates to 3.05% for first-home purchases and 3.25% forsecond-home purchases following May's 10bps LPR cut, while cuttingprovident fund rates by 25bps to 2.6% and 3.075% to bolsterdemand. Primary home sales volume rose 14.0% q-o-q to 1.7 millionsqm in Q2 2025. High-end sales momentum remained so