Shenzhen’s property market took off again in May, with new-home sales surging by a record volume since cooling measures were introduced in late 2016. Prices, however, remain subdued.
According to data provided by the property agency Midland, 4,605 new properties were sold in the city, up 70.3% from April and 79.6% YoY.
Seven new projects in Nanshan, Yantian, Baoan and Longgang grabbed most of the attention, offering a total of 3,768 units. “The rebound in February and March digested an accumulated demand. Since May, new developments have a bigger price advantage over second-hand properties,” said the director of research at the online property agency Beike.
Beike placed Shenzhen’s property index price at RMB59,376 square meter, up 0.1% from the previous month, and the current price trending stably. Another 14 projects are expected to enter the market in June, of which about half are located in the Longgang district.
The volume of second-hand sales remained strong in May, reaching 8,037 units, according to the Shenzhen Land Planning Bureau. This was down 3.1% from the previous month, but will well above the 6,000 level indicating a bull market.
Read more (in Chinese).