2025年，中国房地产市场在政策支持与结构性调整的双重作用下逐步企稳。中央及地方政府持续优化限购、限贷政策，推动保障性住房建设，并鼓励房企通过并购重组化解债务风险。销售端虽未全面回暖，但一线城市和部分核心二线城市房价趋于稳定，市场信心有所修复。同时，‘三大工程’（保障性住房、城中村改造、平急两用基础设施）成为拉动投资与需求的新引擎。展望2026年，房地产市场预计将延续‘弱复苏’态势。政策层面或进一步放松购房限制、降低融资成本，并加快构建房地产发展新模式。随着人口结构变化与城镇化进程放缓，行业将更注重高质量、可持续发展，房企需加速转型，聚焦产品力提升与运营效率优化。总体来看，2026年市场将更加理性，分化加剧，优质资产和稳健企业有望脱颖而出。
In 2025, China’s real estate market gradually stabilized under the dual influence of policy support and structural adjustments. Central and local governments continued to refine purchase and lending restrictions, promoted the construction of affordable housing, and encouraged property developers to address debt risks through mergers and restructurings. Although sales have not fully rebounded, housing prices in first-tier cities and select core second-tier cities have stabilized, restoring some market confidence. Meanwhile, the ‘Three Major Projects’—affordable housing, urban village redevelopment, and dual-use infrastructure for routine and emergency scenarios—have emerged as new drivers of investment and demand. Looking ahead to 2026, the market is expected to maintain a ‘modest recovery’ trajectory. Policymakers may further ease home-buying restrictions, lower financing costs, and accelerate the establishment of a new, sustainable real estate development model. As demographic shifts and slowing urbanization reshape demand, the industry will increasingly prioritize quality and sustainability. Developers must expedite transformation by enhancing product quality and operational efficiency. Overall, the 2026 market will likely be more rational, with growing divergence—high-quality assets and financially sound enterprises poised to stand out.
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