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The transaction volume of real estate in core cities of China has gradually picked up.

The heat is back! The transaction volume in core cities has gradually rebounded, and the second-hand housing market is enthusiastic about seeing and signing contracts

Transaction volume in core cities is gradually picking up.


According to CRIC monitoring, the total transaction scale of new houses in key 44 cities reached 2.67 million square meters on February 5~16, a slight increase of 1% compared with the average daily before the Spring Festival in 2025. In terms of energy levels, the third and fourth lines have been significantly better than the pre-holiday level, with an average daily transaction increase of 57% compared with that before the Spring Festival; The residual effect of the first-line policy still exists, and the average daily transaction volume will increase by 11% compared with the same period in 2024.


There is still a gap between the second-hand market transaction and the pre-holiday period, but the market heat has been better than the same period last year. CRIC expects that the transaction of primary and second-hand houses in February is expected to maintain positive growth year-on-year, the resilience of the first-line market still exists, and the market heat mainly depends on the scale of the launch and the quality of the real estate.

ImageImproved new projects dominate the market heat

Hot cities are still the backbone of the property market.
According to the monitoring of the Linping Residential Big Data Research Institute, in the seventh week of 2025 (February 10 ~ February 16), 10,829 new commercial residential units were traded in 15 key cities, an increase of 79.08% month-on-month and 103.51% year-on-year. From the perspective of cumulative transactions, as of February 16, a total of 16,989 new commercial residential buildings in key 15 cities were traded, an increase of 32.51% over the same period last year.


Taking Shanghai as an example, on February 16, located in the Sijing sector of Songjiang with an average price of 52,377 yuan / square meter, the Merchants Times Chaopai was opened, with 153 sets of houses with a construction area of about 99~141 square meters, and finally 55 groups of customers subscribed to participate in the lottery.


On February 18, Gubei 99, located in the same area, ended its subscription, launching a total of 98 sets of hardcover 3 rooms of 135~154 square meters, with an average price of 113,000 yuan/square meter, and a total of 100+ groups of intention to subscribe in 4 days, with a subscription rate of 111%.


Yuexiu Jing’an Tianyue, which has been subscribed on February 16, has a current subscription rate of 102%, and the project has launched a total of 147 apartments with a construction area of about 120~142 square meters, with an average price of 121,000 yuan/square meter. Earlier, three projects, including Yuexiu Suhe and Yuefu, Times City, and Poly Expo Tianyue, were opened for subscription and are expected to open in late February.


According to the monitoring of Shanghai Central Plains Research Institute, in the 7th week alone, the supply of new houses in Shanghai has picked up, and luxury housing projects have gathered to obtain certificates, with a total of 575 units to be opened in the near future; The transaction area of newly built commercial residential buildings was 55,500 square meters, an increase of 62.66% month-on-month.
“It is an inevitable trend for the market to resume transactions in an orderly manner after the holiday, but under the pattern of a thin market, the transaction data is unlikely to exceed expectations.” Shanghai Zhongyuan Real Estate analysis pointed out that with the recent entry of some luxury residential projects, such as Poly Expo Tianyue, Gubei 99, Yuexiu Jing’an Tianyue and other hot projects, the transaction data will further climb.


Of course, it’s not just Shanghai, CRIC data shows that on February 5~16, the transaction area of new houses in Chengdu was 346,000 square meters, an increase of 6% compared with the average daily transaction volume before the Spring Festival, and an increase of 17% over the same period in 2024.
For example, in the China Resources Central Tianchen project, on February 6, four batches of 148 sets of houses with a construction area of about 110~143 square meters were certified, with an average total price of 3 million yuan, and 100% of them were removed on the opening day. According to the promotional poster released by the project, in the online pre-selection stage of the previous year, the batch was cleared quickly in 16 seconds.


“Improved projects in the core area will continue to dominate the market, and these projects will continue to attract high-net-worth customers and improved home buyers with their high-quality locations and products.” CRIC Sichuan analysis pointed out.


“The property market has gradually returned to normal after the holiday, and the overall new housing has recovered to the pre-holiday level. CRIC analysis pointed out that the current market is still in the stage of “stopping the fall and stabilizing”, the transaction in February is expected to maintain positive growth year-on-year, the first-line market is still resilient, and the market heat mainly depends on the scale of the launch and the quality of the real estate.


ImageThe popularity of second-hand housing continues to rise
Compared with new houses, buyers in the second-hand housing market are enthusiastic about seeing and signing contracts, and the recovery momentum is strong.


According to data from Shenzhen Shell Research Institute, the number of second-hand contracts signed by Shell Shenzhen cooperative stores increased by 41% year-on-year in the 7 days after the Spring Festival this year, and the number of second-hand shows increased by 37% year-on-year; The number of views has also increased significantly compared with the same period last year.
Shenzhen Real Estate Agents Association believes that with the successive resumption of work by industry practitioners, the number of second-hand houses recorded in the near future has risen steadily, and has basically recovered to the pre-holiday level, and the market will show a certain fluctuating operation trend in the short term.


According to Shanghai online real estate data, on February 15 and 16, the average daily transaction of second-hand houses (including commercial) in Shanghai was 1,051 units. This is also the first time in 28 days that the single-day transaction of second-hand houses in Shanghai has exceeded 1,000 again, and it is also the first time that it has exceeded 1,000 units after the year. As of February 17, a total of 7,583 second-hand houses (including commercial) in Shanghai have been signed online, and the agency predicts that the total transaction volume of second-hand houses will still exceed 15,000 units in February, reaching the same level as the same period in 2022.


The same is true in Chengdu. In the seventh week, about 81,300 second-hand houses were seen in Chengdu, reaching a new high in the past three months.


CRIC data shows that during the transaction window period after the Spring Festival holiday (February 8 ~ 14), the single-week transaction area of second-hand houses in the 13 cities monitored reached 1.57 million square meters, an increase of 92.2% month-on-month and a year-on-year increase of 74.76%, with a significant recovery trend. Judging from the cumulative data of the year, the growth rate of second-hand housing transaction area in 13 cities also reached 20.10%, which was significantly higher than the growth rate of the whole month in January (9.91%).


In addition, according to the data of the Linping Residential Big Data Research Institute, in the seventh week of 2025, the second-hand housing transaction volume in the 12 cities it monitored continued to “rise” month-on-month. Among them, the second-hand housing transaction volume in Beijing, Hangzhou and Shanghai ranked among the top three month-on-month, all doubling from last week, and Suzhou and Xiamen rose by more than 80% month-on-month.


“These core cities have shown strong resilience in this round of market adjustment, and the second-hand housing market has recovered quickly after the holiday, with a significant month-on-month increase in transaction volume. As the market continues to pick up, it is expected that the transaction volume of second-hand housing will continue to maintain a growth trend in the short term. ”

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