Driven by a series of policies, the real estate market rebounded significantly in 2024. As we enter 2025, will the warmth continue? What new changes can we expect? During the Spring Festival of the Year of the Snake, Shanghai Securities News reporters conducted on-site investigations of the real estate market in multiple locations. All interviewees indicated that the real estate market is experiencing a strong “spring-like” atmosphere, and a “small spring” boom is anticipated.

Beijing: Visitor Numbers to Some New Projects Exceed Expectations, Second-hand Housing Market Heats Up
Recently, Shanghai Securities News reporters visited several new residential projects and second-hand housing agencies in Beijing and found that the new housing market remained “buzzing” after the Spring Festival holiday, and the second-hand housing market was also regaining its pre-holiday liveliness.

“Visitor numbers to our project during the Spring Festival holiday exceeded expectations. We are very confident about the real estate market,” said Manager Xu, a sales representative at the Jingxi project in Daxing District. Other projects, such as Yuanqi, Jiuyue Mansion, and Xihongmen Oak Bay near the South Fifth Ring Road, were also popular.

Our on-site investigation of the Beijing real estate market revealed that the new housing market has been significantly activated, with clear signs of stabilization. Manager Yu, a sales representative at a project, told us that sales at the development have increased significantly, and some unit types are no longer offered at special prices.

Wang Wei, a property consultant at a new project, said that most residential projects in Beijing remained open during the Spring Festival holiday, taking advantage of the holiday to conduct sales. Affected by the holiday, visitor numbers and subscriptions at some projects decreased compared to before the holiday. However, visitor numbers at some projects gradually increased, even exceeding expectations.

“During the Spring Festival holiday, new home sales in Beijing increased by about 5% year-on-year. In terms of project performance, hot area projects and improved products performed well,” said Xu Yuejin, Deputy Director of Research at the China Index Academy.

Zhang Dawei, Chief Analyst at the Centaline Property Research Institute, expects the market to further recover with policy support, and the Beijing real estate market is poised to usher in a “small spring” boom.

The second-hand housing market in Beijing is also further rebounding. Our investigation at agency stores on Baiyun Road, Nanlishi Road, and Yuetan North Street in Xicheng District found that consultation volumes at these stores are gradually returning to the levels seen in January after the Spring Festival holiday.

According to the Beijing Housing and Urban-Rural Development Commission, the number of second-hand residential transactions in January was 12,480 units, a decrease of 42.1% month-on-month but an increase of 0.3% year-on-year.

“The month-on-month decrease in second-hand housing transactions in Beijing in January was mainly due to the Spring Festival holiday, which was largely in line with expectations. Compared to the Spring Festival holiday month last year (February 2024), transactions in January this year increased by 97.1%, indicating significantly better market performance,” said Leng Hui, an analyst at the Beijing Lianjia Research Institute.

After the Spring Festival holiday, consultation and transaction volumes in the second-hand housing market are gradually “rebounding.”

“Overall transaction volumes in January were good, and the market remained stable after the holiday. It is expected to improve further,” said Manager Zhang, a real estate agent at Lianjia. Meanwhile, second-hand housing prices are also stabilizing, with no significant increases yet. Buyers still have room for negotiation, but this room is shrinking.

Shanghai: A Solid Start, January Real Estate Transactions Steady with Slight Increases
At the beginning of the new year, the Shanghai real estate market demonstrated strong resilience. The latest statistical data from research institutions showed that in January, new home sales in Shanghai were flat year-on-year, while second-hand residential transactions increased by 8.75% year-on-year.

On February 8th, the Shanghai Real Estate Transaction Center’s official platform “Online Real Estate” announced three new residential projects that will enter the market soon, with two located in Baoshan District and one in Jing’an District, totaling 479 units and 61,910 square meters of space. Since January 4th, multiple batches of new home supplies have been introduced to the Shanghai market in an orderly manner. As of now, 15 new residential projects with a total of 1,735 units and approximately 210,000 square meters of space have been announced.

During the Spring Festival holiday, many new projects in Shanghai operated “without closing for the holiday,” and some developers even arranged online live streaming to sell homes.

On the third day of the lunar new year, Shanghai Securities News reporters saw a family of five visiting a new project near Sijing Subway Station in Songjiang District despite the rain. Sales staff said that the sales office received many visitors during the Spring Festival holiday, including more than ten groups on the first day of the lunar new year. In the showroom of another nearby new project, potential buyers were touring the model home with sales staff. Reporters noted that some projects offered discounts of 5% for full payment and 4% for mortgage during the Spring Festival holiday, which were considerable discounts.

A senior executive at a real estate company said that in 2025, the company has continued the momentum from the end of last year, implementing a strategy of promoting sales through discounts and marketing efforts. Sales in the Shanghai region increased by about 60% year-on-year in January. Based on the situation in the days following the Spring Festival holiday, the rebound is evident, with the number of repeat visitors to each sales office increasing. The company’s sales offices have basically returned to about 70% of their usual weekend levels. Another wave of activity is expected before the end of March.

According to Shanghai Lianjia, in January, 3,907 new residential units were sold in Shanghai, flat year-on-year, with a transaction value of approximately 39.9 billion yuan, an increase of 35% year-on-year. The transaction area was mainly concentrated between 90 and 140 square meters, and in terms of total price range, the majority was between 4 and 12 million yuan.

Yang Yulei, Chief Analyst at the Shanghai Lianjia Research Institute, said that affected by the Spring Festival holiday, the number of new home transactions in Shanghai in January was not high, but it was considered resilient as it was flat year-on-year, continuing the trend from the fourth quarter of last year.