Multiple cities' real estate markets are experiencing a "small spring" trend, with hot projects selling out immediately at launch.

Source: Securities Daily Author: Chen Xiao

Since March, a “small spring” upswing in the housing market has begun to emerge across multiple regions. Many hot projects have achieved “sell-out on opening,” with market sentiment improving significantly compared with early in the year. Developers have clearly accelerated their project launch schedules, aiming to seize the window period to speed up unit sales and cash collection.

Looking at the details, the Beijing primary home market was the first to show warmth. On March 22, the Jiatang Jingyue project, jointly developed by Beijing Construction Engineering Real Estate Co., Ltd. and multiple parties, held its grand opening. On the same day, it sold 266 units.

A real estate agent with Lianjia told Securities Daily reporters that the project is expected to offer about 400 units of inventory. Before the opening, the number of reservations in the front rows had already exceeded 500 groups. “Smaller units of around 100 square meters sell out faster, and buyers’ enthusiasm for entering the market has clearly increased.”

On March 20, Securities Daily reporters visited the China Construction · Guoxianfu PARK project site and saw that crowds filled the sales office, which had not yet opened. The negotiation area was also packed, and some people were lining up to wait to enter the model units. “The project is preparing for its opening. Visits have increased noticeably recently, and it’s busy even on weekdays.” On-site sales staff told reporters.

The Shenzhen high-end market also continued to perform strongly. In March, the Shenzhen Bay Yuexi project, jointly developed by China Resources Land Limited and China Shipping Enterprise Development Group Co., Ltd., held its second opening and again saw a hot sale. After entering the market for 4 months, the project’s cumulative sales amount has already exceeded 23.9 billion yuan.

The Shanghai market also has its share of highlights. In mid-March, the China Construction YiPin · The Bund Yuanjing held its second opening and achieved sales of 900 million yuan, setting a sales record for “facade/appearance-category” products within 48 hours. The Huanhuan Lushan Island project’s second batch of units was sold out immediately upon opening.

From the data side, market heat is gradually rising. Data from the China Index Academy shows that in the 12th week of 2026 (March 15—March 21), the成交 area of newly built homes in 30 cities was 2.48 million square meters, up 15.9% month over month. Among them, the成交 area of newly built homes in Beijing rose 31.7% month over month, the highest among first-tier cities. The成交 area in representative second-tier cities reached 1.47 million square meters, up 30.1% month over month, with cities such as Chengdu, Hangzhou, and Suzhou seeing clear increases in sold volume.

Looking across a longer time dimension, the market warming trend is even clearer. Since March (March 1—March 21), the成交 area of newly built homes in 30 cities grew 101.4% month over month, achieving a doubling of growth, and market heat has shown an upward trend.

Signals of a rebound in the existing home market are also evident. Data from the China Index Academy shows that in the 12th week of 2026, 20 cities recorded 36,003 existing homes sold, up 11.3% month over month. Among them, the number of existing homes sold in Beijing rose 19.7% month over month, and up 13.7% year over year. Overall, since March, the number of existing homes sold in 20 cities has grown 90.3% month over month, with activity clearly increasing.

At the same time, inventory pressure in key cities has eased somewhat. Monitoring data from the China Index Academy shows that in Shenzhen, the available area of newly built homes fell 3.5% month over month, and the pace of destocking ranks among the top among first-tier cities. Some second-tier cities also saw inventory decline, indicating stronger market absorption capacity.

On the policy front, steady signals to stabilize the housing market have continued to be released. For example, Shanghai lowered the down payment ratio for commercial properties to 30%. Nanjing provides subsidized interest support for housing consumption under a “trade-in old for new” policy. In places such as Shenzhen and Shenyang, multiple measures have been taken to promote demand release by optimizing provident fund policies.

Overall, since March, the real estate market has shown the characteristics of “a rebound in transactions and faster project launches.” Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, told Securities Daily reporters that as policies continue to intensify and high-quality projects are concentrated into the market, market heat in core cities is expected to be sustained. However, the divergence among different cities and different projects will also continue, and a comprehensive industry recovery still requires time.

(Editor: Wen Jing)

Keywords:

                                                            Housing market