Agency: In October, the percentage of real estate transactions below 2 million yuan in Beijing, Shanghai, and Shenzhen continued to increase.

Ke Rui Real Estate Research indicates that in terms of total transaction prices of second-hand homes, the following characteristics are mainly observed: On the one hand, the proportion of low-priced housing continues to increase, leading to a more significant diversion effect on the new housing market, with the most extreme demand groups basically being diverted to the second-hand housing market. According to CRIC monitoring data, in October 2025, the proportion of transactions under 2 million yuan accounted for an increasing share in Beijing, Shanghai, and Shenzhen, with the example of Shanghai showing that in October 2025, the proportion of transactions for properties under 2 million yuan accounted for 48.72%, an increase of 2.16% compared to the previous month and 8.93% year-on-year; the market share is trending further expansion. While Hangzhou has seen a slight decrease compared to the previous month, it has still increased by 8.56% year-on-year, indicating a continuous increase in the concentration of demand from first-time homebuyers. On the other hand, for Shanghai and Shenzhen, the introduction of luxury products worth millions into the new housing market has made the diversion of high-end clients to the second-hand housing market more apparent, showing a typical substitution effect. According to CRIC monitoring data, in October 2025, the proportion of transactions for properties above 8 million yuan in Shanghai and Shenzhen remained stable or decreased compared to the previous month. Additionally, in Hangzhou, the proportion of high-end properties priced between 5 and 10 million yuan in October 2025 showed a temporary increase compared to the previous month but was still lower than the same period last year. Currently, with the "quality reduction and quantity reduction" of new housing supply combined with the introduction of high-efficiency rate new regulations such as the Fourth-Generation Housing, the differences between first and second-hand housing customer groups are becoming more prominent, with high-end customers focusing on new housing while the most extreme demand groups are being pushed towards the second-hand housing market.