“In general, market confidence remained a conundrum in the Shenzhen residential sales market as it pledged more to the macroeconomic and demographic contexts. But demand for projects with premium quality was high as exemplified by the sales of several key projects.”

CARLBY XIE, SAVILLS RESEARCH



• Multiple policy stimuli, historical-low loan interest rates and the release of pent-up demand collectively resulted in increased transactions.

• The average loan interest rate for first-time residential purchasers in Shenzhen decreased from 3.85% to 3.50% in late May 2024, registering a historical low for the locality.

• As of 18 June 2024, the citywide supply volume decreased by 24.5% QoQ and 58.0% YoY to 654,693 sqm.

• The citywide transaction volume increased by 10.5% QoQ to 717,720 sqm as of 18 June 2024. The number of citywide transacted units increased by 11.4% QoQ to 6,936 simultaneously.

• First-hand residential transaction prices edged up by 0.6% QoQ to RMB61,438 psm.

• Both transactional activities and prices are expected to stabilise in the remainder of the year.