According to a new report by the Shanghai Second-hand House Price Index Office, turnover of used homes in the city has seen a 30 percent rise to 35,000 since June.
The housing index, which tracks monthly price changes of secondhand apartments in Shanghai, rose 98 points to 3,784 in July, with a slight increase in average sale price. The second half of July, particularly, has seen a rapid rise in turnover.
An increase in land prices combined with a decrease in the supply of new properties around Shanghai have driven anxious potential buyers into the secondhand home market.
According to local media reports, in some real estate transactions, queues are even longer than in emergency rooms, many stretching over 30 meters. Many prospective buyers begin lining up at real estate trade centers as early as 5 a.m.
