Shanghai's pre-owned home sales reach highest level in four years as market incentives boost transactions

Economy

1 year ago

News sources:

Credited from: SCMP

Lived-in home sales in Shanghai reached a four-year high in December, with 29,711 transactions recorded, marking a 9.8% increase from the previous month.
The surge followed relaxed purchase regulations implemented in October to revitalize the strained property market, allowing more residents to buy homes.
However, homeowners are having to offer discounts of 5 to 10 percent to attract buyers amid a challenging economic outlook.
A significant factor contributing to the increased activity is the reduction in mortgage rates by commercial lenders, alongside lower down-payment requirements.
Despite the uptick in transactions, experts caution against viewing it as a sustained market recovery, citing expectations of further price declines due to economic uncertainties.

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