Ke and Rei releases the 2025 China real estate investment prospects ranking: Shanghai and Beijing firmly hold the top two spots, first-tier cities leading the way in issuing more bottom-building signals.

According to the latest report from Ke Rui Real Estate Research, Shanghai and Beijing continue to rank in the top two positions with absolute advantages in both supply and demand sides. With a population of over 20 million, Shanghai has a huge demand for natural housing replacement, while the influx of a large number of migrants creates a massive demand for rigid housing. The average living space per capita in most households is less than 38 square meters, providing a greater potential for housing improvement. In addition, both cities have already passed the peak period of new home transactions in the "00s" and have entered a new stage of supply-demand balance ahead of the national real estate market. For example, the annual transaction volume in Beijing is around 10 million square meters, which, considering the current stock of housing in Beijing, is equivalent to a housing replacement cycle of over 80 years.