Shenzhen Existing-Home Transactions Hit Nearly Six-Year High in Early July

Shenzhen’s existing-home transactions continued to rise in early July, with various types of homebuying demand steadily being released. According to Jin10, monitoring data from the Shenzhen Beike Research Institute showed that from July 1 to July 12, the number of existing-home contract signings at Beike Shenzhen partner stores rose 20% from the same period last year, marking the highest level for the same period in nearly six years. The institute said that in previous years, July typically brought a phased cooling in the property market due to hot and rainy weather, children traveling during summer vacation, and a wait-and-see attitude among buyers. This year, however, Shenzhen’s existing-home market showed a clear counter-seasonal trend, with transaction volumes rising steadily and genuine owner-occupier demand remaining stable. The institute’s analysis attributed the market rebound to two main supports. First, the benefits of the “429” policy measures continued to take effect, allowing previously pent-up first-time homebuying and upgrade demand to be released in an orderly manner. Second, sustained strong sales of high-end luxury homes helped lift the broader existing-home market through multiple channels, including market expectations, the upgrade transaction chain, and the spillover of regional momentum, becoming an important driver of the latest rise in transaction activity.