"Six New Policies" for real estate in Shanghai implemented for over a month: September transactions increased by 8% month-on-month and 24% year-on-year

Since the implementation of the new real estate policy "Six Measures" in Shanghai on August 26, it has been more than a month. How is the real estate market performing?

On October 1, reporters from The Paper learned from the Shanghai Municipal Housing Administration that the "Six Measures" focus on comprehensive policies to meet residents' home-buying needs. Since the policy was implemented over a month ago, the support for demand has gradually been released, and the activity level of the housing market has increased. After promoting a month-on-month turnaround in the transaction volume of commercial housing in August, it has facilitated continued growth in the transaction volume of both new and second-hand housing in September. Statistical data shows that in September, the cumulative transaction volume of new and second-hand housing reached 2.07 million square meters, an increase of 8% month-on-month and 24% year-on-year.

New Housing Transactions of 550,000 Square Meters, a Year-on-Year Increase of 14%

According to statistics from the Shanghai Municipal Housing Administration, in September this year, new housing transactions reached 550,000 square meters, an increase of 28% month-on-month and 14% year-on-year.

Specifically, first, the subscription level of newly launched projects has improved. In September, a total of 43 projects were launched for subscription, with an average subscription ratio of 0.75, higher than the 0.71 recorded this year. Second, sales of existing projects have increased. After the introduction of the "Six Measures," the number of visitors to existing projects increased by 16% compared to August, and the conversion of reservations to online signed transactions has gradually progressed, with the average daily transaction area of existing projects in September increasing by 33% compared to August.

Second-Hand Housing Transactions of 18,000 Units, a Year-on-Year Increase of 27%

In the second-hand housing market, statistical data shows that in September this year, second-hand housing transactions reached 18,000 units, an increase of 3% month-on-month and 27% year-on-year. Since the implementation of the "Six Measures" on August 26, the average daily transaction volume of second-hand housing has been 609 units, an increase of 12% compared to the daily average level before the policy was introduced in August.

Specifically, first, the transaction volume has increased weekly. In the first to third weeks of September, the average daily transactions of second-hand housing were 558, 615, and 628 units, showing a weekly upward trend; the transaction volume on weekends in September was high, with an average daily transaction of 891 units, an increase of 22% compared to the weekend daily average in August, with September 27 (Saturday) recording 1,061 transactions, the highest weekend level since June this year. Second, leading indicators have significantly improved. Feedback from intermediary agencies indicates that the new purchase commission volume for second-hand housing in September increased by 7% compared to August, and the volume of intermediary contracts increased by 10%.

Increased Activity in the Outer Ring Market

Statistical data also shows that the "Six Measures" focus on improving housing demand, and with the cancellation of the purchase limit for properties outside the outer ring, the activity level in the outer ring market has significantly increased.

Specifically, first, sales of new housing projects in the outer ring have improved. In September, the average daily transactions of projects for sale in the outer ring increased by 40% compared to August, higher than the citywide average increase. Second, the proportion of second-hand housing transactions has increased. In September, transactions in the outer ring increased by 6% month-on-month and 34% year-on-year, with the growth rate exceeding the citywide average; it accounted for 57% of the city's second-hand housing transaction volume, an increase of 3 percentage points compared to the level before the policy was introduced. Third, the demand for improvement has begun to be released. Among the transactions of new and second-hand housing in the outer ring, the four categories of groups supported by the "Six Measures" accounted for about 14% of the additional housing purchases, higher than the citywide average level Author of this article: Reporter Luan Xiaona, Source: The Paper, Original title: "Implementation of the 'Six Policies' Real Estate New Policy for Over a Month: September Transactions Increased by 8% Month-on-Month and 24% Year-on-Year"

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