January-February nationwide real estate development investment decreased by 11.1% year-on-year

January–February 2026 National Real Estate Market Overview

I. Completed Real Estate Development Investment

In January–February, the national real estate development investment was 961.2B yuan, down 11.1% year on year (calculated on a comparable basis; see Note 5 for details). The decline narrowed by 6.1 percentage points compared with the whole of last year. Of this, investment in residential properties was 728.2B yuan, down 10.7%, with the decline narrowing by 5.6 percentage points.

In January–February, the floor area of housing under construction by real estate development enterprises was 535,372 ten thousand square meters, down 11.7% year on year. Of this, the floor area of residential properties under construction was 371,347 ten thousand square meters, down 11.9%. The floor area of new starts for housing was 50.84 million square meters, down 23.1%. Of this, the floor area of residential property new starts was 36.95 million square meters, down 23.3%. The floor area of completed housing was 63.20 million square meters, down 27.9%. Of this, the floor area of residential property completed was 46.25 million square meters, down 26.9%.

II. Sales and Unsold Inventory of Newly Built Commodity Housing

In January–February, the sales area of newly built commodity housing was 92.93 million square meters, down 13.5% year on year, with the decline widening by 4.8 percentage points compared with the whole of last year. Of this, the sales area of residential properties fell by 15.9%. The sales value of newly built commodity housing was 818.6 billion yuan, down 20.2%, with the decline widening by 7.6 percentage points; of this, the sales value of residential properties fell by 21.8%.

At the end of February, the area of commodity housing for sale (unsold inventory) was 79,998 ten thousand square meters, up 0.1%, with the growth rate falling back by 1.5 percentage points compared with the end of 2025. Of this, the area for sale for less than 3 years was 60,616 ten thousand square meters, down 1.6%.

III. Sources of Funds Available to Real Estate Development Enterprises

In January–February, the funds available to real estate development enterprises were 5.35B yuan, down 16.5% year on year. Of this, domestic loans were 3.71B yuan, down 13.9%; self-raised funds were 799.98M yuan, down 5.9%; deposits and advance receipts were 606.16M yuan, down 21.5%; and personal mortgage loans were 1,128 billion yuan, down 41.9%.

(Editor: Wenjing)

Key words:

                                                            Real estate development investment