On August 28, multiple government departments including the Ministry of Housing and Urban-Rural Development jointly issued a document to promote the sale of completed commercial housing. On September 29, the Ministry of Finance and other departments took action again, clarifying that starting from October 1, eligible first-home purchase loans would receive fiscal interest subsidies at an annualized rate of 1 percentage point. With this series of "combination punches" of new property policies in place, how did the property markets in first-tier cities Beijing, Shanghai, Guangzhou and Shenzhen perform during this National Day holiday?

Beijing: A Strong Start in September, with Policies Adding Momentum to October

In September, Beijing's new commercial residential transactions reached 4,557 units, up 52.31% month-on-month. During the National Day holiday, property viewings and contract signings were active, with policy dividends continuing to drive the release of housing demand. The interest subsidy policy introduced at the end of September further boosted market heat. Although homes priced under 1.5 million yuan are not plentiful in Beijing and are mostly concentrated in far suburban areas, after the policy took effect, many eligible projects welcomed a batch of new customers. A 70-square-meter completed home in Fangshan District priced at 1.1 million yuan could save 50,000 yuan through the interest subsidy; a small unit in Shunyi District priced at 850,000 yuan could save 36,000 yuan. After the new policy took effect, inquiries and visits to some entry-level projects increased by nearly 50%.

Shanghai: First Long Holiday After New Policies, Upgrade and Replacement Demand Becomes the Main Force

In the first National Day holiday after the new policies took effect, new home showings and transactions rose simultaneously. Upgrade and replacement demand dominated, with residents from the city center looking for homes in outer-ring areas. On September 28, Shanghai issued the "Implementation Opinions on Implementing the Notice on Improving the Commercial Housing Sales System." Combined with the National Day holiday viewing window, the new home market heated up rapidly, and upgrade and replacement demand was released in a concentrated manner. Many residents holding old homes in the city center used the policy dividends to start their home-swapping plans. Since the end of August, Shanghai has continuously implemented multiple new property policies, with policies such as "trade-in" housing subsidies activating consumer demand. During the National Day period, family group viewings became the norm, with buyers' comparison cycles shortened and decision-making efficiency significantly accelerated. From October 1 to October 4, Shanghai's first-hand residential transactions totaled 233 units, up 14% year-on-year, with a total transaction area of 27,100 square meters. Properties in core urban areas and entry-level and upgrade homes near the outer ring with well-developed transportation facilities became the main transaction force in this round of the National Day property market.

Guangzhou: Both Supply and Demand Thriving, Activity in New and Second-Hand Home Markets Climbs

During the National Day holiday, visitor traffic at sales offices increased significantly, with extended business hours to receive customers. The policy combination drove a simultaneous recovery in both new and second-hand home markets. On September 30, Guangzhou issued implementation opinions on improving the commercial housing sales system, strengthening the protection of homebuyer rights. Combined with multiple policy benefits such as interest subsidies for first-home commercial loans and "sell old, buy new" subsidies that were concentrated before the National Day holiday, property market activity continued to climb. The second-hand home market also heated up simultaneously. A agency store in Yuexiu District saw its holiday showing volume double, with daily average showings increasing from 3 to 4 groups normally to 7 to 8 groups during the National Day holiday. Industry insiders analyzed that developers used the "Golden September and Silver October" window to launch high-quality listings, and the long holiday provided convenience for citizens to view homes, maintaining strong momentum on both supply and demand sides and driving overall market activity higher.

Shenzhen: Both New and Second-Hand Homes Strengthen, Out-of-Town Buyer Purchases Increase

Loan terms were extended to reduce monthly payments, and both first-hand and second-hand transaction volumes rose broadly. Purchase restrictions in non-core areas were relaxed, attracting out-of-town buyers, and second-hand home volume and prices increased. Beyond new homes, the second-hand home market also recovered simultaneously. Some non-core areas relaxed purchase restrictions, allowing non-Shenzhen household buyers to purchase two homes without social insurance or personal income tax requirements, attracting out-of-town tourists to view and purchase properties during the holiday. A person in charge of a Shenzhen second-hand home agency store said that in the first five days of the National Day holiday, showing volume increased by 10% compared to the previous month, with out-of-town customers having shorter decision-making cycles and being able to complete signings quickly. In terms of prices, according to monitoring by Shenzhen Beike Research Institute, the average transaction price of second-hand homes in Shenzhen in September was 52,818 yuan per square meter, up 2.5% month-on-month. The second-hand home bargaining rate was 9.3%, slightly narrowing by 0.1 percentage points month-on-month, setting a second-lowest value for the year. Data from the Shenzhen Real Estate Information Platform showed that in September 2026, Shenzhen's combined online signings of first-hand and second-hand residential properties totaled 7,049 units, up 2.7% month-on-month. During the National Day holiday from October 1 to 5, according to monitoring by Shenzhen Beike Research Institute, second-hand home signings at Beike's partner stores in Shenzhen increased by 23% year-on-year.