“The central government held a meeting in late September, cascading headline policy guidelines to boost residential property market growth nationwide. Market activities are expected to increase in the locality in Q4/2024.”

CARLBY XIE, SAVILLS RESEARCH



Headline policies unveil

• The average loan interest rate for first-time residential purchasers in Shenzhen decreased from 3.5% to 3.4% in late July 2024.

• As of 18 September 2024, the quarterly supply volume decreased by 35.6% QoQ and 64.5% YoY to 581,082 sqm.

• The citywide transaction volume decreased by 12.4% QoQ and 6.7% YoY to 818,551 sqm. Meanwhile, citywide transacted units decreased by 13.5% QoQ and 6.7% YoY to 7,853.

• First-hand residential transaction prices increased structurally by 5.7% QoQ to RMB64,264 psm as of 18 September 2024.

• With the new policy support, the market transaction volume is expected to increase in Q4/2024.