MySteel: As the impact of the Chinese New Year holiday fades, the domestic real estate market is gradually recovering. Last week, the volume of second-hand housing transactions in 12 major cities continued to rise across the board, while demand in the new home market also continued to be released.
Shanghai’s second-hand property market showed a significant rebound last weekend, with 1,125 second-hand property (including commercial properties) transactions on February 15 and 976 transactions on February 16, with an average daily transaction volume of 1,051 units, according to data from Shanghai Real Estate Trading Center.
This marked the first time in 28 days that single-day second-hand home transactions in Shanghai have exceeded 1,000 units, and the first time post-holiday that daily transactions have surpassed this threshold, according to property agency Anjuke.
As of February 17, the total number of second-hand housing transactions in Shanghai this month has reached 7,583 units, and the total volume in February is expected to exceed 15,000, reaching a level comparable to the same period in 2022, signaling the start of a mild spring rally, it said.
In the seventh week of 2025 (February 10-16), transactions of second-hand homes in Shanghai through property agency Lianjia surged 190% week on week, while the number of property viewings increased by 142.6%. By the second week after the holiday, the market showed strong recovery momentum.
Viewing activity had almost returned to pre-holiday levels, comparable to the peak levels of Q4 last year, while transaction volumes also returned to pre-holiday levels, with a notable 28% increase in Sunday transactions from pre-holiday Sundays, said Lianjia, adding that the market momentum is expected to continue into the spring.
In Shenzhen, second-hand home market also saw a recovery to pre-holiday levels. According to Shenzhen Real Estate Intermediary Association, 1,261 second-hand homes were recorded in the seventh week of 2025, representing a 53% week-on-week increase.
Separate data from Linping Housing Research Institute, in the seventh week of 2025, second-hand home transactions in the 12 monitored cities all recorded week-on-week increases.
Beijing, Hangzhou and Shanghai recorded the highest week-on-week transaction growth, and Suzhou and Xiamen saw increases of over 80%, showed the data.
New home market demand continues to rise
The new home market has also been recovering post-holiday. According to Linping Housing Research Institute, in the seventh week, the total transaction volume of newly built residential properties in 15 key cities reached 10,829 units, marking a 79.08% week-on-week increase and a 103.51% year-on-year increase.
Cumulatively, as of February 16, a total of 16,989 newly home units had been sold in the 15 key cities in February, representing a 50.34% decrease from January but a 32.51% increase from a year earlier, showed the data.
Cities such as Jinan, Ningbo and Wuhan recorded the highest week-on-week growth in new home sales in the seventh week, while Beijing, Shanghai and Shenzhen also saw significant increases.
For instance, in Shanghai, data from Centaline Property shows that in the week of February 10-16, new home transactions reached 55,500 square meters, marking a 62.66% week-on-week increase, with the market continuing to be dominated by first-time home improvement products priced at Yuan 30,000-60,000 ($4,129-8,258) per square meter.
Lu Wenxi, a market analyst at Centaline Property, believes that in the near term, as several high-end projects in Shanghai enter the pre-sale registration phase, transaction data is expected to climb further.
Zhang Bo, director of 58 Anjuke Research Institute, said that post-holiday housing transactions have increased, a trend that is also evident from the rising market enthusiasm.
According to data from Anjuke covering 66 Chinese cities, home search activity has been rising across all city tiers since the Chinese New Year, with first- and second-tier cities seeing the most significant increases, suggesting a high probability of a “spring rally” in these cities in March, particularly in major hotspot cites such as Shanghai, Shenzhen, Beijing, Chengdu and Hangzhou, said Zhang.
Moreover, Zhang pointed out that various cities have recently introduced new policies to support the housing market. For example, Chongqing has fully lifted resale restrictions, while Dalian has optimized its personal housing provident fund loan policy, increasing the maximum loan limit for multi-child families, which will help stabilize the post-holiday market and boost confidence among buyers and sellers.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.
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