Shanghai real estate market prepares for a "small spring" as online consultations for second-hand homes by institutions increase by 81%

Our reporter Chen Xiao

Under policy support, Shanghai’s real estate market is gearing up for the March season.

On February 25, the Shanghai Municipal Housing and Urban-Rural Development Management Committee and four other departments jointly issued the “Notice on Further Optimizing and Adjusting the City’s Real Estate Policies” (hereinafter referred to as the “Notice”). From the content of the “Notice,” it further reduces housing purchase restrictions, optimizes the housing provident fund loan policies, and improves related property tax arrangements, lowering the barriers to home buying from multiple angles.

Latest disclosures from multiple institutions show that since the release of the “Notice,” market activity has shown signs of increased enthusiasm.

Data from Shanghai Lianjia monitoring indicates that compared to the average daily level in January, from February 25 to 26, the average daily active users on Beike and Lianjia apps increased by 42.8%, online consultations for second-hand homes rose by 81%, online inquiries for new homes increased by 156%, and viewings for both new and second-hand homes all saw varying degrees of growth.

According to data from 58 Anjuke platform, in the first week after the “Notice” was issued, the volume of proactive micro chats (online dialogue tools) increased by 97.6% week-on-week, and the conversion rate of leaving contact information increased by 180%.

“After the release of the ‘Notice,’ consultation volume has significantly increased,” said a Lianjia agent in Shanghai to Securities Daily. “Currently, the viewing volume has already rebounded compared to before the Spring Festival, though transactions still need some time to digest, but market sentiment is definitely changing.”

From the transaction perspective, the market was in a low season previously. China Index Academy data shows that from January to February 2026, the transaction area of commercial residential properties (excluding affordable housing) in Shanghai was 429,000 square meters, with 3,281 units sold; in February alone, the transaction area was 138,000 square meters, with 1,056 units sold.

“Combined with the impact of the long Spring Festival holiday, the market transaction volume declined from January to February, but since February, multiple favorable policies have been implemented, and market confidence is gradually recovering. Buyers’ willingness to enter the market has increased,” said Cheng Yu, Executive Deputy General Manager of China Index Academy Shanghai, in an interview with Securities Daily.

Looking at the previous transaction structure, projects in “good locations + good properties” performed steadily, with high-end improvement projects in core areas showing strong resilience. Data from China Index Academy shows that from January to February, the top 20 projects by sales of commercial residential properties totaled 14.65 billion yuan, with Anlan Shanghai leading at 2.37 billion yuan, followed by Lujiazui Taikoo Yuan · Yuan Di and Yunqi Binjiang.

Some leaders of top-tier real estate companies have also felt the effects of the policy changes. A senior executive from a leading Shanghai-based real estate firm told Securities Daily that since the “Notice” was issued, the overall market atmosphere has significantly improved, and some out-of-town clients have started to pay attention to projects. “Policies will stimulate the market, and recent projects will also launch phased marketing discounts, which are expected to promote project sales. The ‘small spring’ in March will be stronger than before, so it’s worth looking forward to.”

Industry insiders believe that this round of policy adjustments can not only provide short-term stimulation but also help repair market expectations. Yan Yuejin, Deputy Dean of Shanghai E-House Real Estate Research Institute, told Securities Daily that the “combination punch” of policies sends a clearer signal to stabilize the market. On one hand, it improves buyers’ expectations; on the other hand, it provides smoother channels for reasonable housing demand to enter the market. As online consultations gradually convert into offline viewings and actual transactions, transaction data is expected to rebound.

Cheng Yu said that with the gradual market entry of high-quality land parcels released earlier, real estate companies need to focus on core locations and adhere to product quality amid ongoing structural differentiation. By innovating concepts and providing exceptional experiences, they can create truly market-demanded “good houses,” gaining an advantage in the new market cycle. The combined effect of multiple policies is expected to drive Shanghai’s real estate market into a “small spring” in March.

(Edited by: Wen Jing)

Keywords: Real estate market Shanghai real estate