Shanghai's real estate market showed signs of revival over the past weekend as sale agencies saw a surge in foot traffic, driven by the city's recently implemented seven-item policy package.
The new policy, released on Feb 25 this year, aims to ease homebuying restrictions in the city and boost buyer confidence.
During the weekend, the sales center for a new residential project in north Shanghai's Hongkou District was bustling with groups of prospective buyers inquiring about available apartments.
"I've been looking at properties in Pudong and Hongkou recently. I work nearby. So I want to find some place closed to it. The policy has also lowered my loan interest rate, so I'm feeling more confident about making a purchase," said Liu, a buyer.
According to sales manager Song Bing, the policy package has directly translated into stronger market performance.
"There are many visits. Foot traffic is up about 70 percent compared to February. We're closing deals every day from Monday through Friday. We even had customers signing contracts at 9:30 at night," he said. Official data shows that from March 1 to 7, new home registrations in Shanghai reached 2,312 units, a year-on-year increase of 10 percent.
There is also a notable rise in interest from non-Shanghai residents, who now face more lenient purchase requirements under the new policy.
According to Fan Jiale, general manager of an agency in Baoshan District, out-of-town buyers are showing a clear preference for larger apartments and affordable properties outside the city's Outer Ring Road.
"Consultations at our stores are up 30 to 40 percent. As migrant workers return to the city, viewing numbers have also increased by 20 to 40 percent. The proportion of non-Shanghai buyers is steadily growing, and they tend to favor either pure entry-level homes or large-floor-area properties," said Fan.
Shanghai's real estate market heats up following new policy
