Core Insights - The implementation of new real estate policies in Shanghai has led to a noticeable increase in market activity, particularly in areas outside the outer ring road, with both first-time and upgrade buyers showing increased demand [1][2]. Market Performance - The easing of purchase restrictions outside the outer ring has significantly boosted transaction volumes in various districts, with some areas seeing a rise in second-hand home transactions from 15-16 units to around 60 units post-policy [2]. - Data from multiple platforms indicates a clear upward trend in market activity, with new listings increasing by 14% overall, and by 19% in areas outside the outer ring [2][3]. - The proportion of transactions for properties priced below 3 million and between 5-7 million has also increased, indicating a stimulated replacement chain [3]. Buyer Behavior - The new policies have accelerated buyer entry and improved transaction conversion rates, with fewer viewings required to finalize sales [4]. - There is a notable increase in the number of external buyers entering the market, particularly for entry-level properties [4][5]. Regional Variations - The impact of the new policies varies across different regions, with areas like Qingpu, Songjiang, and Jiading experiencing significant increases in market activity, while others like Jinshan and Fengxian show declining interest [5]. - The real estate industry sentiment index has risen by 2.8 to 47.26, marking the largest increase this year, suggesting a positive outlook for the market [5].