(Yicai) Jan. 9 -- Sales of new and pre-owned apartments in Shanghai bounced back in December last year after the metropolis introduced a series of policies to spur the property market, according to the latest statistics.

As many as 15,300 pre-owned apartments changed hands last month, a gain of 9 percent from November and a jump of 23 percent from a year ago, according to data released by think tank Shanghai Lianjia Research Institute today. The transaction value of these 15,300 apartments soared 16 percent month on month and 26 percent year on year to CNY54.6 billion (USD7.7 billion), it added.

Sales of new apartments in the metropolis surged 27 percent in December from November to 6,708 units, while the transaction amount soared 37 percent to CNY54.3 billion, according to data published by the think tank on Jan. 3. Year on year, sales of new apartments and the value plunged 22 percent.

Over the course of 2023, sales of pre-owned apartments jumped 13 percent from the year before to 180,100 units and the transaction amount climbed 16 percent to CNY605.5 billion (USD85.3 billion). But over the same period, sales of new builds tumbled 11 percent to 79,742 units and the value slumped 7 percent to CNY605 billion.

Shanghai’s property market weakened in the second half last year after a relatively strong first half. Sales of second-hand homes generally averaged 14,000 sets a month, still showing signs of vitality despite falling from the high levels over the past two years, it added.

Shanghai and Beijing rolled out more supportive policies last month, including lowering the down payment ratio for first time house buyers, trimming mortgage rates, and relaxing the standards for so-called 'ordinary residency', which refers to apartments that are below certain standards in terms of size and price and thus are eligible for tax reductions and exemptions. After the adjustments, the price is no longer included as one of the factors to recognize this kind of residency.

The introduction of new policies has improved buyer sentiment and made the property market busier, the research body said. They will encourage more people to buy their first home and improve their living conditions. The market remains mild with no sign of overheated prices, it added.

Editor: Kim Taylor