Reporter of Every Journal｜Chen Ronghao Editor of Every Journal｜Yang Yi
On September 28, one month after the “August 28” new property market policy was introduced, and the traditional sales window period of “Golden Nine and Silver Ten”, the market warmth was transmitted to first-line stores.
Public data shows that from September 1st to September 27th, a total of 6,442 first-hand and second-hand residential units were transacted in Shenzhen, a year-on-year increase of 1.1%; among them, 2,350 first-hand residential units were transacted, a year-on-year increase of 6.6%; and 4,092 second-hand residential units were transacted, a year-on-year decrease of 1.8%.
“Daily Economic News” reporters visited real estate agency stores and sales offices in many areas of Shenzhen and learned that since September, the balance of the game between buyers and sellers of second-hand houses in Shenzhen has quietly shifted. The pace of new buyers and replacement buyers has accelerated, and the bargaining space between home buyers and listed owners has been narrowing. In the new house market, some popular new projects are in the promotion stage, and the actual selling price has been raised by raising the registration price and tightening discounts.
According to Le Youjia, the Shenzhen property market is currently in the stage of “volume increases and prices stabilize”. Although buyers are making faster decisions, price expectations are still rational. Sellers can more easily grasp the “Golden Nine” sales window if they refer to the recent real transaction prices in the area.
The popularity of house viewing has increased significantly
“Daily Economic News” reporters noticed that from September 1st to September 27th, although the overall year-on-year recovery in Shenzhen’s new home transactions was not outstanding, the proportion of existing home transactions increased significantly. Midland Property data shows that from September 1st to September 27th, there were a total of 2,350 first-hand residential pre-sales + online signings for current sales in Shenzhen, of which 1,078 were currently sold online, a year-on-year increase of approximately 43.16%.
Transactions in the Shenzhen property market from September 1st to September 27th. Data source: Midland Realty
“Nowadays, existing homes in the Shenzhen market are highly recognized. On the one hand, developers are more inclined to promote existing homes; on the other hand, after experiencing previous fluctuations in delivery, home buyers are increasingly accepting of ‘what you see is what you get’ existing homes.” On September 28, Liang Min, a real estate agent who has been working in Shenzhen for many years, told a reporter from the “Daily Economic News”.
The reporter visited on the spot and learned that at present, the popularity of property viewing in Shenzhen’s property market has increased significantly. Among new properties, some hot projects have taken the lead in breaking the inertia of “price-for-volume” and raising actual selling prices through narrowing discounts and other methods.
In the previous period when the property market was relatively deserted, buyers of new properties were generally given higher discounts when they first opened for sale. Some were offering 92% to 94% off the registered price, and the special offers for individual properties were as low as 15% off the registered price.
Nowadays, the discounts released before the opening of some new projects have been significantly reduced. Among them, the Jingxuxuanheli project located in Shajing, Baoan, is a property that has received high attention from Shenzhen’s hard-to-demand groups. The property is about to open and is currently in the customer accumulation phase.
Recently, the staff at the sales office of the Jingxuxuanheli project told reporters that the three-bedroom apartment of 84 square meters in its project is expected to cost between 2.8 million yuan and 3.2 million yuan in total and will be delivered with fine decoration. “The project is a newly regulated unit, and the internal space will be expanded to nearly 100%. In addition, the project is subject to the credit rules related to the ‘8·28’ new property market policy. The project is now in the capital freeze stage, and you can enjoy a 20% discount.”
The sales office scene in Xuanheli, Shajing, Baoan. Photo by Daily reporter Chen Ronghao
The reporter also learned that at present, many properties in the Shenzhen property market have raised their registration prices during the certification and promotion phase of new buildings. For example, the registered price of Zhonghai Yunsongjiuzhang, located in the Meilinguan section of Minzhi, Longhua, was newly promoted to 82,700 yuan/square meter in September. The discount narrowed to 93% off, and the unit price after discount reached 76,900 yuan/square meter.
The reason why developers dare to “adjust prices” is that the relationship between supply and demand has quietly reversed. Statistics from the Shenzhen Zhongyuan Research Center show that in the third quarter of 2026, the number of planned supply units of commercial housing in Shenzhen fell by 41.6% year-on-year, and the area fell by 34.7% year-on-year; the planned number of residential units supplied fell by 35.1% year-on-year, and the area fell by 28.7% year-on-year.
The transaction structure of second-hand houses has changed
Compared with the new housing market, the recovery of Shenzhen’s second-hand housing market is more moderate and solid. The core signal is that the bargaining space continues to narrow. Data from Leyoujia shows that the bargaining space for second-hand housing in Shenzhen dropped from 10.97% in January this year to 8.81% in the first half of September, which has been narrowing for more than eight consecutive months.
The reporter of “Daily Economic News” noticed that behind this is not only the change in price, but also the restoration of the owners’ market expectations: in the actual transaction negotiations, the degree of compromise of the owners is continuing to decrease.
Liu Jun (pseudonym), a senior real estate agent in Futian Baihua District, told the “Daily Economic News” reporter that now, the overall bargaining space for second-hand houses in Shenzhen is much smaller. For houses in high-quality school districts and subway entrances, it is considered good to get three to five points off. Many houses have been booked by customers within a week or two of listing, and the mentality of the owners has obviously stabilized.
According to data from the Shell Research Institute, from August 29 to September 19, the number of new customers for Shenzhen’s second-hand houses increased by 8.1% month-on-month compared with the 22 days before the introduction of the “August 28” real estate market new policy, and the number of views increased by 19% month-on-month; in the first half of September, the bargaining rate of Shenzhen’s second-hand houses was 9.3%, narrowing 0.1 percentage points month-on-month, which is the second lowest value this year. The price range of owners has significantly shrunk.
The pickup in transaction volume is also clearly visible. Judging from the monthly data in September, as of September 27, the number of second-hand house contracts in Leyoujia stores increased by 32% year-on-year, and the number of second-hand house viewings increased by 21% year-on-year.
It is worth noting that the transaction structure of second-hand housing has changed, and improvement and high-end demand are accelerating. Monitoring data from Shenzhen Shell Research Institute shows that from September 1st to September 21st, the number of second-hand house signings in Shell Shenzhen cooperative stores increased by 17% compared with the same period in August; among which, the number of signings for units with four bedrooms and above increased by 28%, and the number of second-hand house signings with a total price of more than 10 million yuan increased by 31%.
“This round of second-hand housing market repair is not just supported by rigid demand, but improved and high-end demand is catching up.” Xiao Xiaoping, president of Shenzhen Shell Research Institute, told the “Daily Economic News” reporter that the growth rate of tens of millions of yuan houses and four-bedroom units is significantly higher than the market, indicating that the replacement demand accumulated in the early stage is gradually being released, and also reflects that market confidence is being transmitted to the mid- to high-end.
The listing status of some second-hand houses in Futian Street, Futian District, Shenzhen. Photo by Daily reporter Chen Ronghao
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