The property market in the Chinese mainland is beginning to show signs of recovery, although the rebound remains uneven across different regions. While demand is returning strongly to major first-tier cities, lower-tier cities continue to grapple with excess housing supply.
First-tier cities are experiencing renewed activity as buyers return to the market following a period of hesitation. Shanghai has emerged as a leader in this recovery, demonstrating particularly strong performance. According to data from the city's real estate trading center, pre-owned home transactions surged to 31,215 in March, marking the highest monthly level since March 2021.
This positive momentum continued into April, with transactions reaching nearly 29,000—a 22.3% increase year-on-year and the highest figure for April in a decade. Price stabilization is also evident, with official data recording a 0.4% increase in pre-owned home prices in March.
The trend is not limited to Shanghai; Beijing, Guangzhou, and Shenzhen also reported gains in both transaction volumes and prices throughout March and April, signaling a broader recovery trend among top-tier urban centers.
Confidence is also gradually returning to the new home market. Prices in first-tier cities edged up by 0.2% in March, reversing the flat growth seen in February and the decline recorded in January. While the increase is modest, it suggests a steady return of buyer confidence in the region's most influential cities.
Reference(s):
China housing recovery gathers pace but remains uneven across cities
cgtn.com
