Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, dan lima kota lainnya pasar properti kembali pulih: rata-rata bulan Maret menunjukkan tren musim semi kecil, kuartal kedua menyambut periode kunci

6 April, data from CRIC Deep Consulting and Pu Rui Smart City Institution Survey shows that in March, the “Little Spring” arrived as expected. The pace of new housing supply significantly increased nationwide, with approximately 4.88 million square meters of new commercial residential supply added in 50 key cities, a 19% month-on-month increase, including an 85% surge in first-tier cities, and a 31% increase in second-tier cities. Meanwhile, the scale of new supply in third- and fourth-tier cities continued to shrink, and inventory pressure gradually eased.

From the performance of Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu in March, Shanghai saw 22 projects entering the market, with visitor and subscription numbers doubling; Beijing’s transaction volume was only second to March last year; Guangzhou’s Liwan and Tianhe new projects saw clear hot sales; Shenzhen entered a key post-holiday recovery window; notably, a project in Chengdu attracted over a thousand groups of clients participating in lotteries, with “sunlight sales” reappearing.

Based on the current performance of these cities, the “Little Spring” may continue in some areas.

Shanghai: 22 projects entering the market, visitor and subscription numbers doubling

In early March this year, Shanghai’s second-hand housing market took the lead, with monthly transactions exceeding 30,000 units. After the second-hand market, new housing also started, with typical projects experiencing about double the visitor and subscription volumes.

Regarding project openings, a total of 31 projects entered the market or resumed sales in March, of which 22 projects entered only in the last few days of March. Due to the late opening times, transaction data is delayed and not yet fully reflected in the data.

However, visitor and subscription data from the sales sites show a very obvious increase, demonstrating a clear rebound in market confidence. For example, a project on Zhongxing Road in the city saw visitor numbers increase by 98%, and subscriptions increase by 4.25 times; some projects in Beiwaitan saw visitor increases of 70%, with subscriptions up 1.58 times; another project in Dongjing outside the city saw visitor numbers rise by 52%, and subscriptions roughly doubled.

Beijing: Transaction volume only second to March last year

Beijing’s market shows a strong “Little Spring” atmosphere. After only one project opened in February, the enthusiasm for new listings increased significantly in March, with 14 projects entering the market.

In terms of transactions, in March 2026, Beijing’s commercial residential transactions totaled 3,403 units, the highest in nearly a year, only second to March 2025.

Guangzhou: Multiple projects using price to increase volume, luxury market repeatedly sees sky-high transactions

In Guangzhou, on one hand, several projects used price reductions to boost sales, with frequent market good news; on the other hand, the luxury market repeatedly saw sky-high transactions, maintaining high heat.

For example, Poly Pearl River Tianyue in Liwan Fangcun broke the 100,000 yuan per square meter mark; another project in Tianhe Financial City, Poly Yuexi Bay, sold a luxury unit at about 280,000 yuan per square meter at the beginning of the month, with a total price close to 200 million yuan. This unit’s price is only second to a top-tier product signed in October 2024 at Huiyue Terrace, and its total price ranks in the top ten in Guangzhou history.

Focusing on March, Guangzhou real estate companies were highly active, with 27 projects launching 29 times, totaling over 3,000 units, a 28% increase year-on-year.

Shenzhen: New supply volume surged by 228%

In Shenzhen, March marked a key post-holiday recovery window, with new supply and demand both rising simultaneously. Site visits and subscriptions increased significantly, fully realizing the “Little Spring” market.

Overall, in March, new residential supply increased sharply by 228% to 199,700 square meters, with demand also rebounding, and transaction volume reaching 305,000 square meters, a 107% month-on-month increase. The market is in a mild recovery stage, with the transaction curve reversing the previous shrinking trend, showing clear signs of a “Little Spring” warming.

Focusing on projects, Shenzhen launched or added new units for 9 projects in March, with nearly 1,700 new residential units entering the market.

Chengdu: March new home transactions totaled about 5,641 units, up 101.9% month-on-month

In Chengdu, the new home market in March saw a total of about 5,641 units sold, with a transaction area of approximately 739,700 square meters, and transaction value around 13.47 billion yuan, representing increases of 101.9%, 93.98%, and 83.04% respectively compared to the previous month.

In March, the five key cities of Beijing, Shanghai, Guangzhou, Shenzhen, and Chengdu experienced a clear “Little Spring” rebound, leading the recovery.

The second quarter of 2026 will be a critical period for confirming the bottom and structural differentiation of China’s real estate market.

For market participants, it is essential to recognize that “differentiation” has become the new normal. The value of high-quality assets in core cities will gradually solidify, providing relatively safe windows for both first-time and improved homebuyers.