New properties priced up to 240,000 yuan per square meter sold out in a single day, with luxury home prices in Hangzhou almost catching up with those in first-tier cities

Hangzhou's luxury home prices are nearly on par with first-tier cities.

On July 17, the Wang Tianji project — one of Hangzhou's "Six Young Top Luxury Projects" — achieved a "sell-out on launch day" upon opening, with an overall registered average price of 142,300 yuan per square meter and an average total price of roughly 50.91 million yuan per unit. Among all units, the 624-square-meter ultra-large apartment boasted a unit price of approximately 243,900 yuan per square meter, with its total transaction value exceeding 152 million yuan. According to disclosures from the Wang Tianji project, all 66 units released in this launch were fully sold out, generating total sales revenue of around 3.36 billion yuan.

A reporter from National Business Daily (hereinafter referred to as the NBD reporter) learned at the Wang Tianji sales office on July 15: "The pricing for different apartment types in this launch varies significantly. For example, for units with the same layout and equivalent finishing, those that directly face the 'Sun and Moon Shining Together' landscape across the river carry a unit price 100,000 yuan per square meter higher, and their total price is double."

Gao Yuansheng, Executive Deputy General Manager of the East China Region at China Index Academy, told the NBD reporter: "The strong sales performance of luxury homes will definitely bring a positive and proactive impact on market expectations and confidence. However, the current market is exhibiting K-shaped divergence, which will further intensify the concentration of capital in the future, making project differentiation a normal state. In the second half of 2026, there will be approximately 2,500 luxury home units to enter the market in Hangzhou, mainly consisting of additional launches from already opened projects, with a reduced number of new properties. The supply rhythm will shift from concentrated explosive release to 'steady and gradual delivery'."

I

Higher Total Prices Are More Sought-After

The NBD reporter noticed that since the beginning of this year, the launch of Hangzhou's "Six Young Top Luxury Projects" has repeatedly resulted in "sell-out on launch day" scenarios.

Statistics from China Index Academy show that Hangzhou saw a total of 239 project launches in the first half of 2026, releasing 11,458 units in total, marking a notable decline in the number of newly launched properties. Nevertheless, high-profile projects still delivered impressive results. The concentrated launch of the "Six Young Top Luxury Projects" boosted the market: Xihu Yunzhuang sold out all 38 townhouses on its opening day, with a registered average price of 154,300 yuan per square meter; Wan Chao Jiu Xu recorded a registered average price exceeding 100,000 yuan per square meter, and all 42 260-square-meter units released in its first launch were also sold out on the same day.

Wang Tianji — the other top-luxury property launched this time — is co-developed by Binjiang Group, C&D Real Estate, and China Jinmao. Public records show that the Shuidian Xincun plot where Wang Tianji is located was transferred in March 2025, with a transaction floor price of 77,409 yuan per square meter and a premium rate close to 70%, setting a new record for the highest unit price "land king" in Hangzhou's land auction market at that time.

Since the three top-luxury properties including Wang Tianji (Wang Tianji, Wan Chao Jiu Xu, and Ao Ying Shi Ji Xuan) are all riverfront projects, the river view has become a core selling point for these properties. "Homebuyers are extremely focused on the river view, and price is not their top concern. As a result, units of 386 square meters located above the 10th floor are the most popular. For the most sought-after units, roughly 10 buyers compete for one unit through the lottery system, and units with higher total prices are even more in demand," a person in charge of the Wang Tianji project told the NBD reporter.

"Heads of listed companies, emerging tech elites, and the local 'old money' in Hangzhou form the main group of homebuyers," she revealed. "Many of them are business leaders whose profiles are available on Baidu Baike, with chairpersons of real enterprises accounting for 41% of all buyers. In terms of geographic distribution, non-local buyers make up 15% of the total, with the largest proportion coming from Shanghai."

On the other hand, the homebuyer group is noticeably younger. For this launch of Wang Tianji, the main group of buyers falls within the 35-45 age range, with an average age of only 39.

II

Luxury Home Transactions Remain Active

Against the backdrop of shrinking overall profits across the industry, the divergence in performance among real estate enterprises is becoming increasingly prominent, with a number of companies breaking away from the conventional market trajectory

The NBD reporter observed that in the first half of 2026, transaction activity in Hangzhou's commodity residential market with a total price of over 10 million yuan increased significantly.

Gao Yuansheng provided a set of data to the NBD reporter: In the first half of 2026, Hangzhou recorded a total of 2,158 transactions of new homes priced above 10 million yuan, representing a substantial 65% increase compared to the same period in 2025 (1,308 units). The total transaction area reached 590,300 square meters, up 85.1% year-on-year; the total transaction value in the first half of the year amounted to 40.491 billion yuan, marking a 122.8% year-on-year growth.

In terms of average transaction price, the figure stood at 68,612 yuan per square meter in the first half of the year, rising 18.5% compared to the same period in 2025. The average total price per unit reached 18.7685 million yuan, up 23.9% year-on-year.

The high-end market as a whole presents a trend of "rising both in volume and price". Notably, in May, both the average transaction price and the average total price per unit hit their peaks for the first half of the year, reaching 80,184 yuan per square meter and 22.0365 million yuan per unit respectively.

However, Gao Yuansheng pointed out that changes are emerging in the market.

Heads of some high-end projects in Hangzhou also mentioned to the reporter that, compared with the beginning of the year, the destocking of high-end properties has started to slow down as supply increases and sales continue.

"On one hand, low-density properties have become a structural highlight in Hangzhou's market. The ban on villa development and their inherent scarcity have brought high premiums and rapid destocking to related projects. For example, townhouses and stacked villas in properties such as Baimahu, Wulin Chen Yuan, and Hai Chao Jiu Xu add up to over 300 units in total, accounting for roughly 10% of the total market volume. Their subsequent destocking performance will test the market's capacity to absorb low-density properties," Gao Yuansheng analyzed. "On the other hand, high-rise large-scale apartments have entered a phase of elimination competition. As of June 2026, there are a total of 921 available units of 300 square meters and above across 8 districts in Hangzhou, with a destocking cycle exceeding 14 months. In the second half of the year, multiple '100k+ yuan' projects will enter the market simultaneously, exacerbating the contradiction between expanding supply and limited customer base. Floor area ratio utilization, facade design, public space configuration, and landscape have become standard features. Only projects that reach the 'top-tier' standard can maintain sustained market popularity."

This article is sourced from the WeChat Official Account "NBD Real Estate", authored by BAO Jingjing, and published with authorization from 36Kr.