Shenzhen's latest housing policy has lifted property sales in its first week, signaling stronger momentum for the city's traditionally busy September market.
Photo by XIONG Youwen
by WANG Yuhan
On September 5, Shenzhen rolled out a new round of easing measures, following Beijing, Shanghai and Guangzhou. The city scrapped purchase limits in non-core districts such as Luohu, Guangming, Yantian and Dapeng, eased restrictions on corporate buying and removed the interest-rate gap between first and second mortgages, with home loan rates as low as 3.05%.
The impact was immediate. According to Centaline Shenzhen, new home transactions reached 589 units between September 8 and 14, up 17.1% from the previous week and 37.6% year on year. Pre-owned home sales climbed 18.6% from the prior week to 1,177 units. Luohu, newly reclassified as a non-core district, recorded a 31.9% jump in deals.
Data from Beike Research showed that Yantian's pre-owned sales soared 217% after restrictions were lifted, while Luohu rose 157%. "The September 5 policy has accelerated latent demand and significantly boosted market activity," said XIAO Xiaoping, head of Beike Research Institute, in an interview with Jiemian News.
Developers also benefited. At Kingkey Jingyufu and other new projects, visits and sales rose by about 30 to 40% in the first week, according to project representatives.
Analysts expect momentum to continue. The Shenzhen Real Estate Intermediary Association forecast total new and pre-owned transactions in 2025 could exceed 100,000 units, reversing a multi-year downturn. Prices remain weak but declines are narrowing: official data showed August new home prices down 0.4% month on month, while pre-owned prices fell 0.8%.
Lower borrowing costs and policy support are expected to sustain demand into October, traditionally another peak month for property sales.
