China News Service, Beijing, February 18 (Reporter Pang Wuji) During the Spring Festival holiday of the Year of the Dragon, second-hand housing markets in many places in China saw brisk transactions.
Statistics released by the Shell Research Institute on the 18th show that during the 2024 Spring Festival holiday, the number of second-hand housing inspections and transaction volumes in 50 key cities in China has rebounded significantly compared with the 2023 Spring Festival.
The Spring Festival holiday in 2024 will last for 8 days (February 10-17, 2024). Based on daily average statistics, first-tier cities will have an increase of 90% compared with last year’s Spring Festival (January 21-27, 2023), which is only slightly lower than that in 2021. ; Second-tier cities increased by 180%, and third-tier cities increased by 140%, both significantly exceeding 2022 and 2023.
Compared with the same period last year (February 10-17, 2023), the second-hand housing market in major cities in China was also relatively hot during the Spring Festival holiday this year. Shell Research Institute pointed out that the transaction volume of second-hand housing during the Spring Festival is generally low, but the transaction volume of the second-hand housing market during the Spring Festival this year has increased significantly compared with the same period last year, with a year-on-year increase of more than 70%. Among them, the transaction volume of second-hand houses in first-tier cities dropped slightly by 3% compared with the same period last year, while in second-tier cities it increased by 98% and in third-tier cities by 65%.
According to the analysis of the Shell Research Institute, in addition to the base effect that may have been caused by the epidemic last year, real estate-related policies in second- and third-tier cities have been greatly optimized. In addition, the adjustment of housing prices has reached a certain stage, and consumers' willingness to view houses has been activated. This enthusiasm is expected to continue to be released in the first quarter of this year.
However, as the Year of the Dragon begins, the new housing market is not as popular as the second-hand housing market. Data released by the China Index Research Institute on the 18th showed that the number of visits to sales offices in some cities increased during the Spring Festival this year, but the actual transactions were relatively flat. According to China Index data, during the 2024 Spring Festival holiday, the average daily transaction area of new homes in 25 representative cities dropped by approximately 27% compared with last year’s Spring Festival holiday.
The China Index Research Institute believes that overall, the transaction performance of new homes in various places during the Spring Festival was relatively flat, and home buyers still had a heavy wait-and-see mood. The real estate market in Beijing and Shenzhen has seen a rebound in market sentiment driven by policies, but the performance on the transaction side is not yet obvious; in Shanghai and Chengdu, affected by travel and returning home, the new home market activity was insufficient during the holidays and is expected to gradually pick up after the holiday, while Qingdao, Zhengzhou, etc. The real estate market is still in a period of market adjustment in the short term.
Zhuge Data Research Center also believes that the overall new housing market will continue to be low during the 2024 Spring Festival holiday. According to the agency's monitoring, during the 2024 Spring Festival holiday, the average daily transaction volume of new commercial housing in the 10 key cities was 30 units, a decrease of 13.58% compared with last year's Spring Festival holiday. The agency believes that the reason for the low popularity of the new home market is that the current market confidence is still slowly recovering. At the same time, the risk pressure of new home delivery may continue to affect the transaction cycle, and the wait-and-see mood for home purchases still exists. (over)