Shenzhen's Real Estate Market Releases a Signal of Recovery, with Rising Second-hand Housing Transaction

Since the Chinese New Year, Shenzhen's real estate market has released some recovery signals. The continuous increase in second-hand housing transactions, implying the spring market. According to data from the Leyoujia Research Center, as of February 26, 2,219 second-hand housing units were sold in Shenzhen, an increase of nearly 90% month-on-month. In January, the transaction volume of second-hand housing in Shenzhen was less than 1,400 sets. However, through actual investigations in Shenzhen’s Luohu, Futian and Nanshan areas and interviews with relevant industry insiders, it was found that most of the improvement in second-hand housing transaction data is due to the release of backlog demand and the price concessions, which is also related to the inertial recovery after the Chinese New Year holiday. The consumers are still wait-and-see.