By hannover-web.com On October 13, the first sunlit property in Shenzhen after the new policies was launched at Shenye Shangcheng Xuefu in Longhua District. This development made headlines as all 332 residential units were sold out by that evening, drawing significant market attention.
According to reports, 744 applicants qualified to choose from these 332 homes, which means the number of potential buyers was 2.24 times the available units. This development has marked the highest number of qualifiers for a residential project in Shenzhen this year. The average listed price for the properties was approximately 80,500 yuan per square meter, but with a promotional discount of 7% during the launch, the final average selling price was around 76,000 yuan per square meter, with total property prices ranging from 6 to 8.9 million yuan.
Real estate agents in the area attribute the rapid sellout to the project’s affiliation with the prestigious Shenzhen Senior High School North Campus (referred to as “Shengao North”) and relatively affordable pricing. One agent mentioned that the lowest price per square meter for Shenye Shangcheng Xuefu could be as low as 68,000 yuan.
Situated near the Shenzhen North Railway Station, Shenye Shangcheng Xuefu is located adjacent to one of the region’s top schools. In comparison, other properties within the same school district, like the Laimeng Shuixie Chuntian Phase 5 and 6, are selling for an average price of 83,000 to 92,000 yuan per square meter, while the Jin Hengli Residence is at around 110,000 yuan per square meter. This creates a notable price gap in favor of Shenye Shangcheng Xuefu.
The Shenzhen Central Research Center noted that Shenye Shangcheng Xuefu has generated high interest among improved properties this year within the Shengao North school district. For instance, another project in the same area, Zhonghai Xueshilin, successfully sold 400 units in 2022, and another property, Zhongfu Hongshan Yin, has already sold 80% of its inventory since entering the market at the end of 2023. Given Shenye Shangcheng Xuefu’s lower prices, better location, and overall market recovery, the swift sale of over 300 units was quite expected, especially after Longhua District lifted its purchase restrictions.
On the evening of September 29, Shenzhen officials announced measures to ease purchase restrictions, including eliminating the requirement for non-residents to prove their social security contributions over a certain period. Additionally, local households in the peripheral areas gained another qualification for property purchases, and the holding period for the exemption from value-added tax was reduced from five years to two years.
Data from the Shenzhen Central Research Center indicates that as of October 13, new home subscriptions in October reached 4,418 units, comparable to the typical two-month net signing volume. Following the new policies, the new housing market showed a more pronounced rebound compared to the secondary market. After the September 29 announcement, developers adjusted prices to stimulate sales, and the trend of price adjustments in exchange for volume has continued, with properties offering better value seeing accelerated sales.
The secondary housing market is also experiencing a surge in activity. Monitoring by the Shenzhen Beike Research Institute shows that on October 13, the second-hand housing transaction volume at Beike’s partnered stores reached a four-year high, further highlighting the revitalization of the Shenzhen real estate market.
