The number of sold residential buildings in China has demonstrated fluctuations over the past decade, reaching a value standing at 15.015 million units in 2023. Notably, significant growth occurred between 2016 and 2017, with the year 2016 boasting a year-on-year increase of 21.21%. However, the market faced a decline in 2020, with a 13.17% drop. A strong rebound followed in 2021 with a 24% increase, and stability was seen through 2022 and 2023 with moderate growth of 2.78% and 2.65%, respectively. The five-year CAGR up to 2023 was 2.48%.
Looking ahead, the forecasted data suggest a steady increase in the number of sold residential buildings from 2024 through 2028, with the CAGR projected at 1.99% and a cumulative growth rate of 10.37%. Future trends to watch include potential changes in property regulations, shifts in urbanization rates, economic conditions, and consumer purchasing power, which will all play pivotal roles in shaping the residential building market in China.
