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

The Basic Situation of the National Real Estate Market from January to February 2026

I. Completion of Real Estate Development Investment

From January to February, the national real estate development investment reached 961.2 billion yuan, a year-on-year decrease of 11.1% (calculated on a comparable basis, see Note 5), with the decline narrowing by 6.1 percentage points compared to the entire previous year; among this, residential investment was 728.2 billion yuan, down 10.7%, with the decline narrowing by 5.6 percentage points.

From January to February, the construction area of real estate development enterprises was 535.372 million square meters, down 11.7% year-on-year. Among this, the residential construction area was 371.347 million square meters, down 11.9%. The newly started construction area was 50.84 million square meters, down 23.1%. Among this, the newly started residential construction area was 36.95 million square meters, down 23.3%. The completed construction area was 63.2 million square meters, down 27.9%. Among this, the completed residential construction area was 46.25 million square meters, down 26.9%.

II. Sales of New Commodity Housing and Inventory Situation

From January to February, the sales area of new commodity housing was 92.93 million square meters, a year-on-year decrease of 13.5%, with the decline widening by 4.8 percentage points compared to the entire previous year; among this, the residential sales area decreased by 15.9%. The sales value of new commodity housing was 818.6 billion yuan, down 20.2%, with the decline widening by 7.6 percentage points; among this, the residential sales value decreased by 21.8%.

By the end of February, the inventory of unsold commodity housing was 799.98 million square meters, a year-on-year increase of 0.1%, with the growth rate falling by 1.5 percentage points compared to the end of 2025. Among this, the inventory of houses unsold for less than 3 years was 606.16 million square meters, down 1.6%.

III. Funding Situation of Real Estate Development Enterprises

From January to February, the funds in place for real estate development enterprises totaled 1,304.7 billion yuan, a year-on-year decrease of 16.5%. Among this, domestic loans were 257 billion yuan, down 13.9%; self-raised funds were 493.9 billion yuan, down 5.9%; deposits and advance payments were 358.9 billion yuan, down 21.5%; personal mortgage loans were 112.8 billion yuan, down 41.9%.

(Editor: Wenjing)

Keywords:

                                                            Real Estate Development Investment