Shanghai's second-hand home sales hit half-year high in a single day; new home projects trigger lottery

Shanghai's secondary housing market has seen sustained growth in transaction volumes as the traditional "Golden September" peak season arrives, according to data from the city's real estate authorities.

Strong Transaction Volumes Continue

Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, noted that secondary housing transaction volumes in Shanghai have maintained the high levels seen earlier this year. Daily data indicates positive market performance. He explained that as holidays approach, some online transaction data may show concentrated signings due to adjustments in working days, which can amplify daily fluctuations to some extent. However, this overall reflects a solid market foundation.

Leading Indicators Show Recovery

Front-end indicators from major real estate agencies, including property viewings and client inquiries, continue to recover. Data from Shanghai Lianjia shows that between September 1 and 19, property viewings on its platform increased by 13.4% compared to the same period in August, while client inquiries rose by 5.4%.

Contract Signing Rates Improve

At the Shanghai Lianjia Transaction Service Center in Jing'an District, Li Siyao, head of the center's management department, reported that contract signings in September increased by 47% compared to August, with the signing success rate rising to 62%. In her view, both buyers and sellers currently show strong willingness to close deals, with relatively rational expectations regarding market prices, which has driven up the contract conversion rate.

Supply Side: More Listings and Viewings

With the launch of the "Golden September" market, property owners have become more active in listing their homes. Since September, new listings on the platform have rebounded significantly compared to August. Market viewing activity has also risen, with new viewings increasing by 16.4% month-on-month and 40% year-on-year.

Price Trends Stabilize

According to data from the National Bureau of Statistics, Shanghai's secondary housing prices have stopped declining and started rising month-on-month since February. The city's secondary housing price index has now risen for seven consecutive months. Agency data also shows that since September, average transaction prices for secondary housing have further recovered compared to August, while average listing prices have remained generally stable. Market price expectations are relatively steady. Although buyers remain cautious in their decision-making, the time required to close a deal has shortened compared to the same period last year.

Busy Transaction Centers

On September 20, reporters from The Paper observed at the Pudong New Area Real Estate Transaction Center that citizens were continuously arriving to handle tax payments, property transfers, and apply for real estate certificates, with queues forming at all service windows.

Policy Support Drives Demand

Yan Yuejin noted that Shanghai has further relaxed purchase restrictions this year, allowing more buyers to qualify for home purchases. The most notable change is the relaxation of social security payment requirements—now only one year of social security contributions is needed to purchase a home citywide, compared to the previous requirement of three years for downtown areas. This has released genuine demand and become a key factor supporting the market. Additionally, the "Golden September and Silver October" period itself provides a favorable window, with policy effects continuing to unfold. Combined with the general stabilization of housing prices, buyer sentiment is expected to evolve further as positive news continues to emerge.

New Home Market Also Improves

The new home market has also shown positive momentum. Data from the China Index Academy shows that in August, Shanghai's new home transaction area reached 447,000 square meters, up 12.2% month-on-month and also rising year-on-year, indicating a recovery in market activity.

Agencies and Developers Collaborate

To capitalize on the "Golden September and Silver October" window and policy-driven opportunities, agencies and developers have stepped up collaboration. According to The Paper, Shanghai Lianjia has partnered with multiple brand developers to launch the "Shanghai Ideal Home · Autumn New Home Festival," covering several new projects across the city and offering special discounted units to buyers.

Shanghai Lianjia data shows that as of September 19, 2026, the average daily transaction volume for new homes in September increased by 16% compared to August and grew by 38% compared to the same period last year. Notably, the Guomao Haishang Yuanshu project outside the Outer Ring Road has performed exceptionally well, with transaction volume up 105% month-on-month.

Strong Demand at New Projects

On the afternoon of September 20, reporters visited the Kaiyun · Aishangli project in Pudong's Beicai area. Despite it being a compensatory working day, the sales office saw a steady stream of buyers coming for consultations and to complete subscription procedures.

The fourth phase of Kaiyun · Aishangli officially launched subscriptions on September 18, offering a total of 102 units, including 4 townhouses and 98 apartments ranging from 94 to 143 square meters, catering to three- and four-bedroom upgrade needs. As of 7:00 PM on September 20, the subscription rate had reached 206%, meeting the threshold for a points-based lottery system.

Earlier, in June, the project's third phase (Plot 2-1) launched 84 units with a subscription rate exceeding 220%, making it the first points-triggering popular project in Pudong's inner-middle ring area this year.

According to project representatives, the key factors attracting buyers include the inner-middle ring location, a low floor area ratio of 1.2, a starting price of 7 million yuan, and the availability of ready-to-move-in units. On-site staff noted that some buyers arrived early in the morning to secure their subscriptions, while others scheduled consultations as late as 9 or 10 PM. On September 19, visitor numbers far exceeded expectations, requiring additional staff and temporary seating arrangements.

Buyer Demographics

Project staff mentioned that buyers come from various backgrounds, including some from Lujiazui.

Multiple Projects Trigger Points-Based Lotteries

According to incomplete statistics, since September, several projects have triggered points-based lotteries, including Yuexiu Tianyu in Pudong's Senlan, Xiangyu Jinmao · Manjia in Jiading New Town, Poly Hongqiao Hesong · Jingyuan in Qingpu's Chonggu, and Greentown Yue Haitang in Qingpu's Xujing.

Additionally, a project in Pudong's Jinqiao area has also seen strong demand.

Market Differentiation Persists

Industry insiders believe that market differentiation remains a key characteristic. Even within the same area, different new home projects can experience vastly different market responses. Only projects that combine strong product quality with good value for money can generate market heat. In terms of market performance, some new home projects have adopted various promotional strategies to attract buyers, including price discounts, free parking spaces, property management fee waivers, home appliance gift packages, and higher channel commissions to drive customer visits.

Inventory and Clearance Cycles Improve

Overall, inventory levels and clearance cycles for new home projects continue to improve. Data from the China Index Academy shows that in August, Shanghai's available new home inventory continued to decline, with the clearance cycle falling to 18.47 months.

(Source: The Paper)