Shanghai holiday home sales rise 79% year on year, housing bureau says
In short
Shanghai's housing authority said 1,518 new and second-hand homes were sold during the October 1-7 National Day holiday, up 79% from a year earlier, with deals worth about 6.18 billion yuan, CLS reported. New-home sales rose 146% to 327 units and second-hand sales rose 66% to 1,191 units. Outlets linked the rise to Shanghai's "Hu Ba Tiao" (沪八条) measures and a nationwide first-home mortgage interest subsidy that took effect on October 1.
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Shanghai's housing authority said 1,518 new and second-hand homes were sold during the October 1-7 holiday, up 79% from a year earlier, with transactions worth about 6.18 billion yuan, CLS reported, citing Yicai. New-home sales reached 327 units, up 146% year on year and 34% above the average of the 2023-2025 holidays, worth about 2.59 billion yuan. Second-hand sales were 1,191 units, up 66% year on year but 1% below the 2023-2025 holiday average, worth about 3.59 billion yuan. Sales offices at 251 projects received 16,932 visitors and signed 601 reservation agreements. [ 3 ]
Other data sources gave different figures. Huxiu reported that Shanghai's new-home online-signed area during the holiday was 51,100 square metres, with the daily average up 18.2% from the 2025 holiday, and that 1,289 second-hand homes were sold, with the daily average up 30%. Data from Shanghai Lianjia Research Institute (上海链家研究院) showed Lianjia's second-hand volume up 44% and new-home volume up 64%. 36Kr, citing The Paper, reported Shanghai Centaline (上海中原地产) data showing 34,600 square metres of new homes sold, double the 17,300 square metres sold during last year's holiday, which ran from October 1 to 8. [ 1 , 2 ]
In September, Shanghai's new-home transactions totalled 1.179 million square metres, up 22.1% year on year, according to China Index Academy data cited by 36Kr. 36Kr reported 23,581 second-hand online signings including commercial property, up 15.7% and the highest for the period in nearly six years, while Huxiu put the figure at 24,000, up 17.2%. 36Kr said second-hand sales have stayed above 23,000 units for seven consecutive months since March. [ 1 , 2 ]
Industry sources quoted by Huxiu attributed the holiday activity to seasonal demand and to a nationwide first-home mortgage interest subsidy, released on September 29 and effective from October 1, combined with the "8·28" housing credit policy. Huxiu said Shanghai transactions grew faster than viewings, and a Lianjia analyst said first-time and upgrade buyers were entering the market faster. 36Kr linked Shanghai's recovery to the "Hu Ba Tiao" policies and detailed rules for reform of commodity housing sales. [ 1 , 2 ]
Huxiu also reported wider data: China Index Academy figures showed new-home transactions in 25 key cities of 551,000 square metres, with the daily average up 33.8% from last year's holiday, and daily second-hand sales in 11 key cities up 42.8%. Beijing averaged 144 new-home signings a day, up 176%, and Shenzhen second-hand signings rose 63%. Xiao Xiaoping (肖小平), head of Shenzhen Beike Research Institute, said the "8·28" policy and the "9·29" mortgage subsidy had activated holiday demand. [ 1 ]
Industry sources told Huxiu that the holiday is a marketing window, that online-signing data are affected by filing timing, and that short-term high growth does not mean a full market reversal. Cao Jingjing (曹晶晶) said the market was more active but the recovery was structural, and that October sales will be an important window for the fourth quarter. [ 1 ]
Why it matters
36Kr reported that Shanghai's market carried September's recovery into the holiday, with September second-hand sales the highest for the period in nearly six years. Industry sources quoted by Huxiu cautioned that holiday online-signing data are affected by filing timing and that short-term growth does not mean a full market reversal, and said October sales will be an important window for the fourth quarter.
Key facts
- Shanghai's housing authority said 1,518 new and second-hand homes were sold during the October 1-7 holiday, up 79% year on year, worth about 6.18 billion yuan. [ 3 ]
- New-home sales were 327 units, up 146% year on year and 34% above the average of the 2023-2025 holidays, worth about 2.59 billion yuan. [ 3 ]
- Second-hand sales were 1,191 units, up 66% year on year but 1% below the 2023-2025 holiday average, worth about 3.59 billion yuan. [ 3 ]
- Sales offices at 251 projects received 16,932 visitors and signed 601 reservation agreements during the holiday. [ 3 ]
- In September, Shanghai's new-home transactions totalled 1.179 million square metres, up 22.1% year on year. [ 1 , 2 ]
- September second-hand online signings were the highest for the same period in nearly six years. [ 1 , 2 ]
- The mortgage interest subsidy policy was released on September 29 and took effect on October 1. [ 1 ]
Confirmed by several sources
- Shanghai's new-home transactions in September totalled 1.179 million square metres, up 22.1% year on year. [ 1 , 2 ]
- Shanghai's September second-hand home online signings were the highest for the same period in nearly six years. [ 1 , 2 ]
- Shanghai home sales during the October 1-7 holiday rose from a year earlier. [ 1 , 2 , 3 ]
- Outlets linked Shanghai's market activity to the "Hu Ba Tiao" policies. [ 1 , 2 ]
Still unclear
- Holiday second-hand sales in Shanghai: the housing authority reported 1,191 units, up 66%, while Huxiu reported 1,289 units with daily average sales up 30%, and Lianjia data showed its second-hand volume up 44%. Different data providers and measures give different figures.
- Holiday new-home sales in Shanghai: the housing authority reported 327 units, up 146%; Huxiu reported 51,100 square metres with daily average up 18.2%; Centaline data cited by 36Kr showed 34,600 square metres, double last year's 17,300. The figures use different measures and, in Centaline's case, last year's holiday ran from October 1 to 8.
- September second-hand signings: Huxiu reported 24,000 units, up 17.2%, while 36Kr reported 23,581 units including commercial property, up 15.7%. The outlets give different totals and growth rates.
- Whether the holiday rise will last. Industry sources quoted by Huxiu said short-term high growth does not mean a full market reversal.
What local media are saying
Timeline, local time
- October 8: Huxiu publishes holiday sales data for Shanghai and other major cities. [ 1 ]
- October 9: 36Kr reports Shanghai new-home holiday sales doubled and September second-hand sales hit a six-year high. [ 2 ]
- October 9: CLS reports the Shanghai housing authority's figures showing holiday home sales up 79%. [ 3 ]