The latest figures indicate that Shenzhen’s housing market experienced significant momentum in May, logging 13,348 online registrations of transactions for both new and existing properties. This total represents a 6 percent rise month-on-month and a substantial 28 percent increase compared to the same period last year. 

Crucially, the combined number of residential transactions registered online – 10,077 units – surpassed the 10,000 mark for the first time in 14 months, with this volume increasing by 28 percent month-on-month, according to multiple media reports.

New homes were the main contributor to the surge in sales volume. Transactions for new properties reached 6,651 online registrations, which were up 21 percent from April and 36 percent year-on-year. Transactions for existing homes, while totalling 6,697 online registrations, saw a 6 percent dip from the previous month. However, the existing properties segment was still up 21 percent compared to May last year.

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According to analysts, there is typically a one-month delay between the finalisation of a contract and its official online registration, meaning the market is demonstrating a delayed response. This indicates that the positive impact of Shenzhen’s housing policy adjustments continues to be felt. 

In May, the property market showed simultaneous growth in both transaction activity and prices. Robust recoveries were seen across all market segments, including luxury, improvement-driven, and first-time buyers. 

Developments outside the core districts are still forced to rely on price reductions to stimulate sales, but most developments in core districts and select sought-after projects in non-core areas have now moved into a stable phase regarding volume and pricing, reports say.