Shenzhen House Prices Fall for 13th Straight Month, Second-Hand Home Sales Dive 22%
Chen Shuzhen
/SOURCE : Yicai
Shenzhen House Prices Fall for 13th Straight Month, Second-Hand Home Sales Dive 22%

(Yicai Global) Nov. 15 -- Some 2,792 new residential properties were sold in Shenzhen, Guangdong province last month, up 2.35 percent from September at an average price of CNY54,288 (USD8186.4) per square meter, down 0.05 percent.

The latest data marks the 13th straight month in which the southern city's new home prices have fallen. Before a new regulation was introduced in October last year, the average price was CNY55,611 per square meter. Since then, the figure has gradually declined.

Second-hand sales data is a better reflection of the real market, as new properties are susceptible to price limits and other factors, said Zheng Shulun, manager at Shenzhen Centaline Property Consultants Co. "The overall performance of Shenzhen's real estate market in Octobre is insipid. New policies are causing second-hand sales to plunge."

Some 4,476 second-hand homes were sold in the city last month, down 22.22 percent on the month and 29.28 percent on the year, while the area of properties sold dived 21.86 percent from September and 28.63 percent from a year earlier.

The tech hub's property market is still facing pressure from policy and capital. Central and local governments' decision to push the rental market is shaking up the market for buyers and sellers.

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Keywords: Shenzhen , HOUSE PRICES , Real Estate Property