“Shanghai’s residential market shows promising early signs in 2025, with rising transaction volumes across first-hand, secondhand, and land sales. This momentum is expected to continue, driving market development and paving the way for policy adjustments in the coming months.”

JAMES MACDONALD, SAVILLS RESEARCH



Residential Market Recovery Gathers Pace as Transactions Rise

• First-hand commodity residential supply declined 62.0% in Q1/2025 to 744,718 sqm, down 56.1% YoY.

• First-hand commodity residential transaction volumes decreased 35.6% QoQ to 1.4 million sqm, up 2.2% YoY. • Average transaction prices grew 9.2% QoQ to RMB80,200 per sqm, up 0.5% YoY.

• Four projects, Opus One, Blossoms China, Jinling Residences and Majestic Mansion added 635 apartments to the market in Q1/2025.

• First-hand high-end apartment transaction volumes increased 7.6% to 229,705 sqm in Q1/2025, down 31.6% QoQ.

• First-hand high-end apartment transaction price index was flat QoQ and rose 0.6% YoY to an average of RMB136,010 per sqm.

• Second-hand residential sales volumes decreased by 20.7% QoQ to 4.7 million sqm, up 48.7% YoY. Average transaction prices increased by 2.3% QoQ and YoY to RMB42,000 per sqm.

• Three new batches of land supply were released in Q1/2025, with nine residential plots sold. The total buildable area of 869,287 sqm generated RMB32.4 billion in sales. The average accommodation value (AV) reached RMB37,290 per sqm.