“The Shanghai residential market experienced a slowdown during the quarter, but recent policy stimulus is unlocking pent-up demand. With the government’s proactive support, the property sector is poised for a stronger recovery in the coming quarters.”

JAMES MACDONALD, SAVILLS RESEARCH



Market remains flat, but policies are making a difference

• First-hand commodity residential supply fell by 25.3% in Q3/2024 to 1.63 million sqm, down 31.4% YoY.

• First-hand commodity residential transaction volumes fell by 16.3% QoQ to 1.54 million sqm, down 20.6% YoY.

• Average transaction prices fell by 3.9% QoQ to RMB76,331 per sqm, up 8.0% YoY.

• Eleven projects including Lakeville Ⅵ, One Sino Park, Blossoms China and Casa Rivera added 1,844 apartments to the market in Q3/2024.

• First-hand high-end apartment transaction volumes more than doubled to 383,129 sqm in Q3/2024, down 36.9% QoQ.

• First-hand high-end apartment transaction prices fell by 8.5% in Q3/2024 to an average of RMB142,900 psm, up 6.6% YoY.

• Second-hand residential sales volumes fell by 14.3% QoQ to 3.9 million sqm, up 20.0% YoY; average transaction prices edged down 0.6% QoQ to RMB40,967 psm, about the same as last year.

• Eleven residential plots were auctioned in Q3/2024, with a buildable area of approximately 688,000 sqm selling for RMB32.1 billion at an average accommodation value (AV) of RMB46,700 psm and an average premium rate of 11.2%.