In the recent past 2025, the property market in first-tier cities also showed some highlights in the fragmentation and adjustment. In 2026, the property market began with a policy signal of “stable expectations”. According to industry insiders, January became a key observation period for property market policies and market trends. The market performance of first-tier cities has always been viewed as a “weather vane” for the property market. The Securities Times reporter combed through the 2025 property market transaction data in first-tier cities and found that the second-hand housing market's performance was relatively more impressive. Among them, the number of second-hand housing units sold in Shanghai was close to 254,000, a record high in the past 4 years. A total of 68,200 second-hand housing units were sold in Shenzhen, up 5.7% year on year, of which 56,200 residential units were sold, up 3.2% year on year. During the New Year's Day holiday, during a visit to the Shenzhen market, the reporter discovered that the prices of most new housing projects have not changed much, and buyers improving demand are gradually becoming the main force; the second-hand housing market is still about price in exchange for volume, and groups just in need are becoming the main force. According to data from the Shenzhen Shell Research Institute, in 2025, the share of housing transactions under 3 million yuan in Shenzhen was as high as 45%, an increase of 8.5 percentage points over 2024. The share of newly needed transactions continued to rise, becoming the core force supporting market transactions. Frontline real estate agents interviewed all believe that behind the rebound in second-hand housing sales volume is the result of policy loosening, price in exchange for volume, and the release of the same frequency resonance with demand. Currently, the problem in the new housing market is controlling “volume,” and the problem with the second-hand housing market is boosting housing prices. A number of buyers interviewed also said that what they are most concerned about at present is whether the Shenzhen property market policy will be followed up and optimized, especially whether a new policy will be introduced in January.

In the recent past 2025, the property market in first-tier cities also showed some highlights in the fragmentation and adjustment. In 2026, the property market began with a policy signal of “stable expectations”. According to industry insiders, January became a key observation period for property market policies and market trends. The market performance of first-tier cities has always been viewed as a “weather vane” for the property market. The Securities Times reporter combed through the 2025 property market transaction data in first-tier cities and found that the second-hand housing market's performance was relatively more impressive. Among them, the number of second-hand housing units sold in Shanghai was close to 254,000, a record high in the past 4 years. A total of 68,200 second-hand housing units were sold in Shenzhen, up 5.7% year on year, of which 56,200 residential units were sold, up 3.2% year on year. During the New Year's Day holiday, during a visit to the Shenzhen market, the reporter discovered that the prices of most new housing projects have not changed much, and buyers improving demand are gradually becoming the main force; the second-hand housing market is still about price in exchange for volume, and groups just in need are becoming the main force. According to data from the Shenzhen Shell Research Institute, in 2025, the share of housing transactions under 3 million yuan in Shenzhen was as high as 45%, an increase of 8.5 percentage points over 2024. The share of newly needed transactions continued to rise, becoming the core force supporting market transactions. Frontline real estate agents interviewed all believe that behind the rebound in second-hand housing sales volume is the result of policy loosening, price in exchange for volume, and the release of the same frequency resonance with demand. Currently, the problem in the new housing market is controlling “volume,” and the problem with the second-hand housing market is boosting housing prices. A number of buyers interviewed also said that what they are most concerned about at present is whether the Shenzhen property market policy will be followed up and optimized, especially whether a new policy will be introduced in January.