Positive signs emerged in March in the real estate markets of China's four first-tier cities - Beijing, Shanghai, Guangzhou and Shenzhen, with market activity significantly increasing.
The total sales volume of second-hand houses in Shanghai reached 31,200 in March, a 6.5-percent increase compared to the same period last year, marking the highest March sales volume since 2021.
"This year, the number of new listings for second-hand homes is around 2,700 per week, compared to 4,400 to 4,500 per week in the same period last year. As the market improves, the attitude of the property owners is beginning to change significantly," said Lu Wenxi, a market analyst at Shanghai Centaline Property.
Experts said that Shanghai’s new housing policies to ease home purchase restrictions and reduce loan burdens, taking effect on Feb 26, has had a significant stimulating effect on first-time homebuyers.
Data shows that based on the average transaction price of second-hand houses in March, purchases made by first-time homebuyers with the total prices under 3 million yuan (over 436,000 US dollars) accounted for 71 percent.
In Beijing, the transaction volume of the second-hand housing market also saw a significant increase. In March, the number of second-hand residential properties sold online in Beijing reached 19,662 units, a year-on-year increase of 3.6 percent, setting a new monthly record in 15 months.
In Shenzhen, the number of new and second-hand residential property transactions reached a new high in nearly 11 months in March.
"The total number of property viewings has more than doubled compared to last year, so the market is clearly very hot, and the transaction volume has also increased, probably by about 50 percent compared to the same period last year," said Xiong Xiaojie, staff member of a housing agency in Shenzhen.
The continued release of supporting policies has further revitalized Shenzhen's primary and secondary housing markets, with many new projects maintaining their popularity.
"The number of visitors in March increased threefold compared to February, with a total of 1,500 groups of customers. The transaction volume in March basically increased by two times, reaching a total of 60 transactions," said Xiong Dawei, managing director of a new housing project.
According to statistics from the Shenzhen Housing and Construction Bureau, the total number of new and second-hand residential properties registered online in Shenzhen in March 2026 was 7,898, an increase of 117 percent month on month.
In Guangzhou, 10,866 second-hand residential properties were sold online in March, with a total area of 1.0847 million square meters, representing month-on-month increases of 73.08 percent and 74.34 percent, respectively.
Real estate market in China's first-tier cities show active trend in March
