The number of completed residential buildings in China stood at 6.6802 million units in 2023. Over the past decade, the market has experienced fluctuations with notable declines in certain years, such as a sharp 15.9% reduction in 2020. The industry showed some recovery in 2021 and 2022 with modest year-on-year growth of 21.37% and 0.72% respectively. The compound annual growth rate (CAGR) over the last five years indicates a growth of 1.41% from 2019 to 2023. Forecasts suggest a steady increase, albeit with a meager CAGR of 0.56% over the next five years, achieving a growth of 2.85% by 2028.
Future trends to watch for include the impact of government policies on housing, urbanization rates, and the effects of economic stimuli on the construction sector. Keep an eye on shifts in population demographics and consumer purchasing power, which could significantly influence the market demand for residential buildings.
