An update on Shenzhen’s cooling real estate market. Translated by CDT from Guangzhou Daily:
The housing sector in Shenzhen further dipped to new lows in December, according to statistics released by a research center with the Shenzhen Zhongyuan Properties (深圳中原地产深港研究中心). In the year-ending month, buyers only purchased 170,000 square meters of properties among the stock of 800,000 for sale. The city-wide average price of new apartments further dropped to 15,000 yuan/square meter, after previous lows in the previous months. The market peaked in September, climbing as high as 16,777 yuan, a surge over the January’s 10,872 yuan.
The third quarter of this year was bad enough, registering only 1.03 million square meters of first-hand property sales, down 36% from the second quarter and 44% down from the first. Then came the icier quarter, with October-December recording 160,000, 150,000 and 170,000 square meters respectively, the slowest in three years and a day-and-night contrast with the same period last year, the hottest period. The continued cooling in Shenzhen’s housing market is attributed to a series of central and local tightening policies aimed at curbing the real estate frenzy. [Full Text in Chinese]
Previously on CDT:
– Shenzhen to Herald a China Housing Meltdown? – China Business News
– Shenzhen’s Cooling Housing Boom? – Guangzhou Daily
