Shanghai's second-hand home daily sales hit second-half high; multiple new 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 Market Performance Continues

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 momentum. He explained that as holidays approach, some online contract data may show concentrated signings due to workday adjustments, which can amplify daily fluctuations to some extent. However, this overall reflects a solid market foundation.

Front-end indicators from major brokerages, including property viewings and client inquiries, continue to recover. Data from Shanghai Lianjia shows that from September 1 to 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 Signings and Conversion 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 success rate rising to 62%. In her view, both buyers and sellers currently show strong willingness to close deals, with relatively rational price expectations, driving higher conversion rates.

Supply Side: More Listings and Higher Activity

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 Remain Stable

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. Brokerage 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 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 various service windows.

Policy Support Driving 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 reduced to one year for citywide purchases, compared to the previous three-year requirement 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. As housing prices stabilize and positive news continues to emerge, buyer sentiment is expected to evolve further.

New Home Market Also Improving

The new home market is also showing positive trends. According to data from the China Index Academy, Shanghai's new home transaction area in August reached 447,000 square meters, up 12.2% month-on-month and also rising year-on-year, indicating a recovery in market activity.

To capitalize on the "Golden September and Silver October" window and policy-driven opportunities, brokerages and developers have strengthened market 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 deals on select properties.

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 rising 105% month-on-month.

On-Site Activity 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 inquiring and completing 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.

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

According to project representatives, 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. 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.

Market Differentiation Remains

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

Industry insiders point out 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 competitive pricing can generate market heat. Some projects have resorted to various promotional tactics to attract buyers, including price discounts, free parking spaces, property fee waivers, home appliance packages, and higher channel commissions to drive foot traffic.

Inventory and Clearance Cycles Improving

Overall, inventory levels and clearance cycles for new home projects continue to improve. According to the China Index Academy, Shanghai's new home inventory fell further in August, with the clearance cycle dropping to 18.47 months.

(Source: The Paper)