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中国一线城市二手房市场3月回暖；高端新房销量攀升 2026-03-18
The second-hand property market in Chinese first-tier cities has picked up this month, and new home sales have increased, buoyed by popular high-end projects.Pre-owned home sales in Shanghai totaled 7,233 units in the second week of March, reaching a five-year high, according to data from real estate agency Anjuke. On March 14 alone, 1,472 second-hand houses were sold in the city, the highest in a year.
Since the implementation of looser policies at the end of February, Shanghai home buyers have shifted from a ‘wait-and-see’ to a more proactive attitude, taking the initiative to leave their contact information to and hold in-depth discussions with real estate agencies, Zhang Bo, president of the 58 Anjuke Research Institute, told Yicai.
Shanghai’s pre-owned home sales are on track to reach 30,000 units in March for the first time since 2021, the local branch of China Real Estate Information Corporation predicted.
Second-hand home sales at Leyoujia’s housing agencies in Shenzhen surged 132 percent in the first week of March from the previous week, reaching the highest since late March last year, data from the Leyoujia Research Center showed. The viewing volume also increased to the highest since mid-October 2024.
Shenzhen’s property market maintained strong momentum also in the second week of March, when viewings and sales climbed 11 percent and 33 percent, respectively, from the week before, according to the Leyoujia Research Center.
“Many clients are contacting us to arrange viewings, and our agents are all out showing properties,” Ye Wei, director of the Shekou North District branch of Centaline Property in Shenzhen, told Yicai. “Previously, buyers were in no rush to make offers after viewings, but recently deals are being sealed within days, as purchasing sentiment has clearly strengthened.”
The pre-owned home markets in Beijing and Guangzhou also warmed up. Beijing’s online second-hand home sales surpassed 5,700 units in the first half of March. Guangzhou recorded more than 500 pre-owned home transactions over the past weekend, hitting a one-month high.
Structured Recovery in New Home Market
The new home market in China’s first-tier cities is experiencing a structured recovery, with high-end projects outperforming others. Meanwhile, projects targeting first-time buyers have seen weak demand and still rely on price cuts to boost sales.
For example, Poly Development and Holdings Group’s Expo Tianyue project in Shanghai’s Pudong New Area closed sales of more than CNY290 million (USD40 million) in the first week of March. “We are basically selling one large apartment priced at about CNY50 million (USD6.9 million) each day,” a sales staff member said.
In comparison, Shenzhen’s Junyue Mingdu project in Bao’an district was still running promotions in late February, slashing prices by about CNY800,000 to CNY1.1 million (USD110,000 to USD150,000) for an 89-square-meter apartment to attract buyers.
The oversupply of new basic-need projects in Shenzhen’s suburban areas before the Chinese New Year holiday, combined with the competition from the pre-owned homes, has forced developers of such projects to cut prices to drive sales, Zhang explained.
“Transaction data across cities shows that upgrade-oriented products in core cities are leading the property market recovery,” Zhang said. “This structured rebound reflects an improved match between new supply and real demand.” The property market will continue its steady improvement, with the recovery expected to broaden, he added.
The property market has entered a phase of gradual repair since March, driven by increased supply of quality projects in core cities, said Cao Jingjing, general manager of the index research department at the China Index Academy. The upturn has started to emerge in a scattered pattern in key cities, she noted.
Source: Yicai Global
