SHANGHAI'S pre-owned housing market notched a record year in 2015 for volume and price as favorable government policies sparked a huge demand from buyers.

Sales of pre-owned houses jumped 89 percent from 2014 to 337,300 units last year, while the average cost rose 17.8 percent year on year to 25,100 yuan (US$3,830) per square meter, both records in the city, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.

In December, 34,600 units of pre-owned houses changed hands across the city, staying above the 30,000-unit threshold for the ninth straight month despite a slight retreat from November's sales of 35,700 units, Homelink data showed.