During a recent interview at a monthly real estate analysis conference, Li Yifeng, the Deputy Director of Research at the China Index Academy, shared insights into the remarkable surge in activity observed in China’s real estate market during the recent “Double Ten” holiday period. He highlighted the significant promotional efforts undertaken by many real estate companies during this time, which resulted in a notable increase in both property visits and subscriptions in key cities. Some projects even surpassed their total sales from September.
Li emphasized that first-tier cities experienced a rise in both visits and subscriptions, largely driven by recent policy optimizations. He noted that Guangzhou and Shenzhen outperformed Beijing and Shanghai. Interestingly, in addition to high-demand properties, several affordable housing projects saw marked improvements in sales over the holiday. The market remained robust in several second-tier cities, including Chengdu and Hangzhou, with an uptick in transaction conversion rates.
Looking ahead, Li expressed optimism about the substantial rise in pre-holiday subscriptions, anticipating that this trend will soon be reflected in official transaction data, with a significant boost expected in October’s sales figures.
Towards the end of September, there was unexpected positive news for China’s real estate market as the four major cities—Beijing, Shanghai, Guangzhou, and Shenzhen—relaxed housing purchase restrictions ahead of the October 1 holiday. Moreover, over ten provinces, including Chongqing, Sichuan, Guangdong, Hubei, and Yunnan, have implemented policies aimed at fostering a healthy development of the real estate market. Additionally, cities like Wuhan, Nanchang, Hefei, and Guangyuan introduced local policies focused on optimizing their real estate markets.
The Ministry of Housing and Urban-Rural Development also reported a significant uptick in viewings and visits to properties during the holiday. Experts observed that compared to previous years, 2024 presents a more favorable environment for homebuyers, with policies geared towards boosting housing demand revitalizing market activity.
Notably, the second-hand housing market demonstrated significant activity during the holiday period as well. Data from the Linping Housing Big Data Research Institute revealed that the average daily transactions in six major cities reached 384 units, signifying a remarkable 117.6% increase compared to last year’s dual-holiday average. Key cities like Shanghai, Shenzhen, Foshan, Qingdao, and Dongguan reported daily second-hand housing transactions that exceeded previous year figures, with increases surpassing 50%.
