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The secondhand property market in major Chinese cities has shown signs of recovery in the final months of the year, despite typically being a slow season. The driving force appears to be fundamental demand for affordable homes.
In Shanghai, over 22,940 resale homes were sold in November, representing a 24% increase from October and marking the highest monthly total since May. Data from the Shanghai Real Estate Trading Center indicates that 60% of these homes were priced under 3 million Chinese yuan (roughly $424,380 USD).
Similarly, Beijing experienced a 20% rise in secondhand home transactions, totaling 14,446 units. Data from the Beijing Municipal Commission of Housing and Urban-Rural Development confirms this upward trend. However, property prices for existing apartments in the city decreased by 1.4%, according to Fang.com. About 60% of homes inside the Fifth Ring Road saw average price drops of 5% to 10%, with some falling as much as 15%.
In Guangzhou, residential sales surpassed 9,190 units last month, covering a total area of approximately 910,000 square meters—a 23% increase from October, according to regional real estate sources. In Shenzhen, roughly 5,495 resale homes were sold last month, reflecting a 4.2% increase from the previous month, according to data from major property agency Beike.
Other second-tier cities are also experiencing a rebound. For example, Hangzhou’s secondhand market rebounded for the first time in seven months, with 6,561 homes sold in November—an nearly 11% increase from October. The Hangzhou Beike Research Institute and Woai Wojia Real Estate Brokerage noted notable shifts in the city’s top 20 neighborhoods for resale home sales, with many affordable areas gaining prominence.
Twelve neighborhoods in Hangzhou saw median prices ranging from CNY10,000 to CNY20,000 (about USD1,415 to USD2,830) per square meter. This indicates that prices in suburban areas designed for basic living needs have decreased to levels more acceptable to some buyers, according to Jian Shangguan, director of the Hangzhou Beike Research Institute.
The secondhand housing markets in other second-tier cities, including Suzhou and Xi’an, are also gaining momentum. Last month, sales in Suzhou rose by 23% to 4,500 units, and transactions in Xi’an increased by 5% to 7,237 units, based on local real estate reports.
Li Gen, head of the Shanghai Lianjia Research Institute, commented, “Many individuals who need homes to live in feel that prices have reached relatively low levels with manageable risks, prompting them to buy. Additionally, the rising rent-to-sale ratio for affordable homes makes now a good time for investors looking to rent out properties to enter the market.”
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