Shenzhen second-hand luxury home transactions warm up

Since the beginning of this year, the luxury housing market in Shenzhen has continued to heat up. In addition to several luxury new housing projects maintaining strong sales, the second-hand luxury housing market has also visibly warmed. According to monitoring by the Shenzhen Beike Research Institute, the signing volume of second-hand luxury homes priced over 15 million yuan in July increased by 11% year-on-year, reaching a peak not seen in nearly six years. Meanwhile, the average transaction price of second-hand homes in the ten-million-yuan range was 101,504 yuan per square meter, rising by 5.7% month-on-month and 8.4% year-on-year. Xiao Xiaoping, the president of the Shenzhen Beike Research Institute, pointed out that after the "4.29 new policy" lowered the threshold for purchasing homes in core areas, the demand for upgrades from local high-net-worth families, as well as the entry of asset allocation clients from outside the region, has increased, driving continued growth in transactions of high-end properties in the core areas of Nanshan and Futian, with prices steadily rising. Additionally, according to monitoring by the Shenzhen Beike Research Institute, in the first seven months of this year, 42,323 second-hand homes were transacted in Shenzhen, an increase of 5.4% compared to the same period last year, marking a new high for the same period in nearly six years. However, interviews with reporters revealed that in second-hand housing areas where demand is primarily from first-time buyers, "trading volume at reduced prices" remains the mainstream market approach.