Shenzhen’s real estate market is showing promising signs of recovery, highlighted by the rapid sale of all 116 apartments in the new Haideyuan A estate on Sunday. Located in the Antuoshan area of Futian District, this development made headlines as the first project this year to achieve such swift sales, selling out in under three hours.

The apartments were priced at an average of 128,500 yuan per square meter. The smallest unit, at 87 square meters, sold for 11.24 million yuan (US$1.5 million), while the largest, spanning 450 square meters, fetched 59.98 million yuan.

This surge in sales activity reflects a broader trend of market recovery, according to the Shenzhen Real Estate Broker Trade Association. The association notes that the city’s property market has been on an upswing since June, with both new and pre-owned home sales increasing. This improvement is attributed to a wave of supportive policies introduced at both national and local levels, aimed at revitalizing the property sector.

These measures, including lowered down payment ratios and reduced mortgage interest rates, have particularly benefited first-time homebuyers and those looking to upgrade their living conditions. The strong performance of the Haideyuan A estate has further bolstered market confidence.

In June, Shenzhen saw the sale of 3,656 new housing units, marking a 46.1% increase from May and a 9.6% rise compared to the same period last year. This figure represents the highest monthly sales volume since May 2023, with Longgang, Longhua, Bao’an, and Guangming districts accounting for 72% of the total transactions.

The pre-owned housing market also demonstrated strong growth, with 4,172 units sold in June—a 5.3% month-on-month increase and a remarkable 73.3% year-on-year rise. Most of these transactions occurred in Longgang, Futian, Nanshan, and Luohu districts.

Notably, over 70% of new homebuyers in the first half of 2024 were Shenzhen hukou holders, indicating strong local demand.

High-end and cost-effective residential properties saw increased sales in Futian and Nanshan districts, as well as in Qianhai and the Bao’an CBD.

With this positive momentum, property developers are optimistic, with plans for 54 new residential developments set to launch in the latter half of the year. The government’s ongoing real estate stimulus policies, including efforts to reduce home inventories, continue to support this growth trajectory, signaling a robust recovery in Shenzhen’s property market.