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Chinese financial hub Shanghai’s second-hand housing transaction volume reached 19,000 units in February, reaching the highest level since July 2022, reported Shanghai local government-backed newspaper Liberation Daily, citing data from multiple real estate brokerage agencies.
“All of Lianjia’s stores in the city have seen a significant increase in home viewings after the Spring Festival holiday, and the transaction cycle has begun to shorten,” said Yang Yulei, chief analyst at real estate brokerage Homelink’s research institute.
The proportion of rigid housing demand, with floor area below 90 square meters, jumped the most in February, rising by 5 percentage points from the previous month, indicating that buyers with rigid housing demand are actively entering the market as market confidence is restored, Yang said.
Consultancy China Real Estate Information Corporation (CRIC) noted that the market is still exchanging volume for price and the average transaction price of second-hand homes in Shanghai is currently stable at 39,000 to 40,000 yuan per square meter.