During the recently concluded National Day holiday (October 1 to 7), China's key city property markets showed signs of warmth, with a clear rebound in both the number of visitors to sales offices and the volume of home viewings arranged by agents. In some cities, queues for viewing properties reappeared at sales centers.

Monitoring data from the Central Plains Real Estate Research Institute shows that during the National Day holiday, new home subscriptions in 50 key Chinese cities rose by more than 15% compared with the same period last year. Data released on the 8th by the China Index Academy also shows that during the National Day holiday, newly built residential transactions in 25 key cities totaled 551,000 square meters, with average daily transaction volume up 33.8% from last year's National Day holiday and roughly flat compared with the 2024 National Day holiday. In the second-hand home segment, average daily second-hand home transactions in 11 key cities increased by 42.8% year on year. Activity in core city property markets improved noticeably.

Shanghai Lianjia Research Institute said that during the National Day holiday, Shanghai Lianjia's second-hand home transaction volume rose 44% year on year, while new home transaction volume increased 64%, marking a significant recovery in market heat. Shenzhen Beike Research Institute pointed out that during this year's National Day holiday, Shenzhen's real-time signed second-hand home transaction volume increased 63% year on year. Data from the Central Plains Real Estate Research Institute shows that during the National Day holiday, Beijing's new home transactions reached 1,008 units, up 41% from the same period in September and up 161% year on year; online signings for second-hand homes totaled 128 units, up 15% year on year. In Guangzhou's central districts, average daily visits to popular projects doubled during the holiday, with some projects seeing customers line up before launch, prompting developers to extend business hours to receive property viewers. In Wuhan, second-hand home viewings exceeded 16,000 visits in the first six days of October, while second-hand home transaction volume rose 10% year on year. In cities such as Jinan, Chengdu, and Hangzhou, visitor traffic at sales offices in hotspot areas increased compared with ordinary weekends.

Zhang Dawei, chief analyst at Central Plains Real Estate, noted that during the National Day holiday, China's property market showed a differentiated trend of recovering heat in core cities, moderate repair in ordinary cities, and continued pressure in lower-tier cities. Visitor traffic clearly warmed, but overall transactions did not show broad-based gains. "Trading price for volume" remained the main means of destocking in most cities, and market recovery displayed structural characteristics. In September, Chinese authorities announced interest subsidies for commercial individual housing loans, and Beijing, Shanghai, and other places successively issued detailed implementation rules for reform of the commercial housing sales system. Industry participants believe that the series of favorable policies became an important factor in boosting the property market during the National Day holiday. Guo Xinyu, a senior analyst at the China Index Academy, pointed out that in the fourth quarter of this year, the real estate market is expected to continue bottoming out, while the effectiveness of demand-side policies in core cities and the entry of high-quality projects into the market will provide some support for new home sales.