China’s February home sales spike in Shanghai, Beijing, Shenzhen as eager buyers abandon wait-and-see approach
- Eager urban buyers drove sales of lived-in homes up by more than 80 per cent in Beijing and Shenzhen, and 141 per cent in Shanghai
- Agents say buyers began returning to the market after Lunar New Year, and the pace of decision-making has increased
Home sales shot up in February in China’s first-tier cities as eager buyers returned to the market amid the country’s efforts to spur sales and stabilise the market, according to agents and research firms.
Lived-in homes were particularly hot properties among urban buyers, with sales increasing in Shanghai, Beijing, and Shenzhen by at least 80 per cent on a month-on-month basis.
New-home sales increased by up to 25 per cent in Beijing and Shenzhen compared with January, but declined 37 per cent in Shanghai.
Shanghai recorded the strongest growth in second-hand transactions, which rose 141 per cent month on month to 19,280 in February, according to data compiled by the Lianjia Research Institute in Shanghai.
That matched a peak in July 2022 when pent up demand led to a surge in purchases after the city ended its two-month Covid-19 lockdown. February was the strongest month since mid-2021, besides that exceptional July 2022 spike, said Yang Yulei, chief analyst with the institute.
