供需两端周期推动房地产小周期-行业数据

供需两端周期推动房地产小周期

其中，对于供给端而言，供给周期来源于拿地到竣工平均 36 个月的物理周期，这从供给端解释了过往 3 年小周期规律的合理性；而对于需求端而言，需求周期来源于政策呈现放松收紧周而复始的 3 年周期规律（包括宏观政策和行业政策，尤其是货币政策呈现的 3年周期规律），这也从需求端解释了 3 年小周期规律的合理性。

行业数据

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