Shanghai's second-hand housing market is showing clear signs of revival, with sales hitting a major milestone in March.
On 1st March, a total of 1,296 apartments were sold, marking the highest daily sales since the start of 2025.
As the market picks up, real estate agencies across the city are once again buzzing with activity.
“I arrive here at 8 a.m. every day, and work till 10 p.m.,” said Yuan Cheng, a regional manager of Centaline Property in Shanghai's downtown Hongkou District.
Yuan noted that the shift began this month, with him now receiving at least 20 clients per week, three times the number of inquiries compared to before
“I take at least two groups of clients a day for house viewing. Last year, the number was just two to three groups of clients a week,” Yuan added.
Yuan's agency has earned one million Yuan in commissions since 1st March, a sharp contrast to the previous year when only one month managed to surpass the one million Yuan mark.
“An apartment in this area is sold at least 8 million Yuan. Recently, some more expensive apartments in this area were also sold,” said Yuan.
In addition, according to Centerline Property, over 9,000 pre-owned apartments were sold in Shanghai within the first 10 days of March.
“Last Saturday alone, more than 1,400 housing units were signed online, the highest number of contracts signed on a single weekend day since September 2023 when China made multiple adjustments to its housing policies. So if the market continues to move at this pace, the transactions in March are expected to exceed those of last December,” stated Lu Wenxi, market analyst of Centaline Property Shanghai.
Centaline Property's pre-owned home price index reveals that the month-on-month decrease in home prices has slowed to less than 1%.
“There are more and more signs that the market has touched the bottom in the short term. Home buyers are making quicker decisions than before. For apartments priced at 3 to 5 million Yuan, the turnover cycle is getting shorter. So overall, the market is moving in a good direction,” Lu added.
The government work report this year emphasised China's ongoing efforts to counter the downturn and restore stability in the real estate market. Notably, the term “quality homes” was included in the report for the first time.