Following the intensive rollout of new property market stabilization policies in various regions, the "May Day" holiday period witnessed a wave of recovery in housing markets across many parts of the country. In core cities such as Guangzhou and Shenzhen, the property market showed signs of warming under the influence of these new policies, while most cities continued the previous trend of market differentiation. According to data from the China Index Academy, in terms of new homes, the online signing area for new residential properties in 26 key cities during the 2026 "May Day" holiday reached 518,000 square meters, a year-on-year increase of 12.5%. Looking at the online signing data, Shenzhen saw a 59% year-on-year growth in new home sales area, Wuhan experienced a 122% increase, and Shanghai also recorded a 45% rise. Overall, regional and product differentiation remain the main themes of the market, with high-value-for-money and improvement-oriented projects performing relatively well.
The secondary housing market also experienced a recovery. During the 2026 "May Day" holiday, approximately 2,300 second-hand residential units were transacted via online signings across 11 cities, representing a year-on-year increase of 26.7% and a nearly 70% growth compared to the same period in 2024. Specifically, the transaction volumes for second-hand homes in Beijing, Shanghai, and Shenzhen during the holiday increased by 76%, 16%, and 81% year-on-year, respectively. Reviewing April data, the "small spring" trend in the property markets of core cities continued, with the sales area of new residential properties remaining largely flat year-on-year, while transaction volumes for second-hand homes in key cities showed significant growth. This reflects ongoing demand release and improved market expectations, with Shanghai's second-hand home prices maintaining a slight upward trend.
Li Yujia, Chief Researcher at the Housing Policy Research Center of the Guangdong Provincial Academy of Urban and Rural Planning, stated that the new policies introduced in core cities like Guangzhou and Shenzhen have played a role in driving the recovery of the property market during the "May Day" holiday. At the end of April, Shenzhen optimized purchase restrictions in core areas and raised the maximum housing provident fund loan amount for families to 3.51 million yuan. Guangzhou launched the "Eight Measures of Guangzhou," increasing the maximum provident fund loan amount to 3.6 million yuan, while simultaneously introducing measures such as encouraging the confirmation of school placements during the pre-sale stage, online signing for school enrollment, subsidies for selling old homes to buy new ones, expanding the scope of housing vouchers, and linking land supply with inventory reduction.
Cao Jingjing, General Manager of the Index Research Department at the China Index Academy, indicated that looking ahead to May, the markets in Guangzhou and Shenzhen are expected to see demand release boosted by the new policies. In other core cities, with the launch of "quality housing" projects, the new home market is projected to maintain overall stability in both volume and price. For the secondary housing market, transaction volumes may naturally decline as seasonal education demand gradually subsides, with prices expected to continue fluctuating slightly.
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