Second-hand luxury homes in Shenzhen hit a six-year peak last month, driven by wealthy tech professionals looking to upgrade their residences amid a rise in personal wealth, along with buyers from other cities. Sales of pre-owned homes valued over CNY15 million (around USD2.2 million) increased by 11% compared to the same month last year, according to data from the Shenzhen Ke Research Institute. Overall second-hand home transactions totaled 4,795 units, a 6% decline from June but a 3% increase over the previous year, as reported by the Leyoujia Research Center.
In the same period, 3,529 new homes were sold in the city—a 7% decrease from the previous month but a significant 33% jump from a year earlier, based on data from the Shenzhen Real Estate Information Platform. The long-term trend of rising prices for luxury resale properties is particularly notable following relaxations in local real estate policies, according to Xiao Xiaoping, director of the Shenzhen Ke Research Institute. Xiao pointed out that there’s strong demand from high-net-worth individuals looking to upgrade, along with increased buying activity from out-of-town investors, which helps drive luxury sales in key urban areas.
In July, the average price for resold homes valued above CNY10 million was CNY101,504 (approximately USD15,045) per square meter—a 5.7% increase from the previous month and an 8.4% rise year-over-year, the institute reports. Meanwhile, the overall average price for second-hand homes was CNY60,000 (about USD8,895) per square meter, marking a decrease for the first time in three months but still up 1.2% compared to the previous year, according to Leyoujia.
Middle- and high-end buyers with renovation needs in Shenzhen are mainly young, successful tech elites experiencing rapid asset growth. They are emerging as vital drivers of the market’s vitality, according to Leyoujia’s analysis. The Shenzhen real estate market shows signs of robust activity, with developers eager to purchase land, buyers ready to make acquisitions, and numerous new projects scheduled to launch. The market’s recovery during the off-season is expected to persist into mid to late Q3, the Shenzhen Real Estate Intermediary Association noted.
In this quarter, 30 new projects comprising 7,212 units are set to debut in the city, most within the next two months. The association anticipates that sales of new homes will continue to grow steadily.