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Inquiries about new homes for sale in Shanghai have surged following the city’s easing of home purchase restrictions for residents without local registration.
Wenhui Zhang, an employee at a local real estate agency, has been managing over 20 group visits daily to new residential developments since the policy change on February 26. This is a significant increase compared to the usual eight to ten groups, and the number exceeded 40 on the first weekend after the policy was introduced.
The updated regulations allow non-permanent residents with a residence permit granted for more than five years to purchase one property. The policy also raises the maximum limit for housing provident fund loans and broadens the range of property tax exemptions available.
Zhang noted that approximately 20 to 30 percent of the new inquiries come from individuals who are not permanent residents but have held a local residence permit for at least five years.
Sales staff in downtown Shanghai have reported a 30 percent surge in inquiries since the new rules took effect. For properties valued above CNY 20 million (around USD 2.8 million), this increase is particularly noteworthy.
Most of the new non-local buyers originate from neighboring Jiangsu and Zhejiang provinces, including Nantong, Ningbo, Wenzhou, Yancheng, and Jinhua. These areas have robust manufacturing and trade industries and maintain close business relationships with Shanghai. Many buyers either do business with Shanghai-based firms or have children studying and residing in the city.
At Jinmao Puyuan, another ongoing development, visits reached over 155 groups in the first three days after the policy change—up 60 percent—while sales appointments doubled, according to the project’s marketing director. Notably, about one-third of these visitors were newly eligible to buy homes in Shanghai.
A retiree with decades of experience working in North America, surnamed Zhang, shared that his parents-in-law, born in Shanghai but mainly employed in Anhui Province, only moved back after retirement to live in an old family home. Although they could afford a new property, they were previously unable to upgrade due to restrictions linked to their non-local household registration.
Now, with the revised regulations, Zhang plans to purchase a home in his parents-in-law’s names to enhance their quality of life. He emphasized that Shanghai remains one of the world’s most attractive cities for real estate investment, thanks to its top-tier city management, quality living environment, and convenience.
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