On 16 march, the national institute of statistics published data on the prices of 70 city houses in february 2026, and the prices of new and second-hand houses in beijing, shanghai and shanghai simultaneously stopped and went up, serving as a central signal for the recovery of the city. This is not only a small swing in data, but it also marks the end of a downward trend that has lasted for almost a year and the city is on its way to a critical turning point。
Core data production: beijing boom, market confidence quickly restored
The most recent data show a 0. 2 per cent increase in the price of new residential housing in beijing in february, a 0. 3 per cent increase in the price of second-hand residential housing, a 0. 2 per cent increase in the price of new residential housing in shanghai and a 0. 2 per cent increase in second-hand residential housing prices. This was the first time since april 2025 that the prices of new and second-hand homes had risen simultaneously, putting an end to 11 months of unilateral decline。
At the national level, the price of new housing rose to 10 in 70 large and medium-sized cities and 7 in flat cities, bringing the total number of cities that had been cut to 17, a rise of nearly nine months. The decline in the second-hand housing market was generally narrow, ranging from 0. 5 per cent to 0. 1 per cent in second-hand housing prices in the first-line cities, with beijing and shanghai taking the lead, and guangzhou and shenzhen falling simultaneously。
The booming growth of the turnover further confirmed the recovery of the market. After the fall of the shanghai “article 7” new deal, on 1-10 march, the number of internet signatures reached 8467, with a maximum of 1,324 on a single day, and market heat continued to rise; in beijing, the cumulative second-hand network was over 23,000 in january-february, which is more than 2,000 units above the average for the same period in almost 10 years. The increase in the volume of core cities has injected key confidence into the national building market。
Multi-factor resonance: bottom logic behind the turn of the building
The steady upturn in the city was the result of a combination of policies, improved supply and demand, and expected rehabilitation. The policy end has continued to work towards a comprehensive support system. The central economic work conference explicitly “strengthened efforts to stabilize the real estate market” and in 2026 the report on the work of the government introduced “de-stocking” ten years later, encouraging the acquisition of stock of commodity houses for secure housing and easing market pressure from the supply side。
Local policies have been streamlined and the threshold for house purchases has been lowered. Shanghai has reduced the length of social security coverage in the outer ring from three years to one year, adding more than 90,000 new potential buyers; across the country, over 100 cities have completely eliminated restrictions and restrictions on loans, reducing the initial payment rate to a minimum of 20 per cent, two flats to a minimum of 30 per cent, lprs to remain low for five years or more, and interest rates on multiple first-rate mortgages have reached 2. 95 per cent to 3. 5 per cent. A combination of low interest rates and low thresholds that directly activates rigidity and improved demand。
The supply-demand relationship has improved simultaneously. As a result of prior-period in-depth adjustments, part of the supply price has fallen to a reasonable range, with the entry-level stock at a total price of $3 million in shanghai rising to 72 per cent, and the 70-90 square metres of live-in in beijing reaching 27. 7 per cent, a peak of nearly six months. At the same time, the supply of new housing has shrunk and the ministry of natural resources has made it clear that “new construction land is not, in principle, used for the development of commercial housing”, which further supports the stability of housing prices in the core cities。
The market is expected to be repaired quickly. It's a market that's been depressed
