Shenzhen’s Secondhand Home Sales Briefly Rebound in September After Easing of Purchase Restrictions
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A residential development in Shenzhen’s Nanshan district.
Shenzhen’s secondhand housing market posted a brief rebound in September after the city lifted purchase restrictions in 80% of its districts.
Data from Beike Research Institute show that the average daily transactions of secondhand homes on Beike property platform’s Shenzhen branches rose 31% between Sept. 6 and Sept. 30, compared with July and August. Activity dipped during the National Day holiday but picked up afterward, with daily sales up 26% from earlier summer levels between Oct. 9 and Oct. 22.
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- Shenzhen’s secondhand housing market rebounded briefly in September 2025 after purchase restrictions were lifted in 80% of districts, with daily transactions up 31% post-policy change.
- Activity was concentrated in newly unrestricted areas but quickly faded; sales in October dropped sharply, and average prices in Longgang fell nearly 10% since early 2025.
- Recent policy relaxations, including in September 2024 and 2025, only provided short-term boosts, failing to sustain buyer confidence or stabilize prices.
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Who’s Who
- Beike property platform
- Beike's property platform in Shenzhen observed a 31% increase in daily secondhand home transactions between September 6 and 30, compared to July and August. This surge followed a policy easing on September 5, which lifted home-purchase limits in most of Shenzhen. Despite an initial "early burst" of activity, momentum cooled quickly, and sales dropped sharply after early October.
- Lianjia
- Lianjia is a real estate agency with branches in Shenzhen. An agent from a Lianjia branch in Longgang district reported completing eight transactions in September, up from previous months. A Lianjia store manager in Luohu noted inquiries and showings more than doubled in September, with transactions up 25%, though sales halved by October.
- Shenzhen Real Estate Intermediary Association
- The Shenzhen Real Estate Intermediary Association reported that secondhand home sales in Shenzhen reached a recent low of 5,267 units in August, but then saw a 10.3% rebound to 5,808 units in September. These figures reflect recorded deals, which typically involve delayed online filings, and about 10% of transactions are usually canceled prior to completion.
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What Happened When
- Since 2023：
- Shenzhen has introduced several marginal policy relaxations, but none have led to a lasting recovery.
- September 2024：
- A round of easing gave the market a temporary boost after the central government pledged to halt housing price declines.
- April 2025：
- Shenzhen’s secondhand housing market began sliding.
- August 2025：
- Central government issued guidance calling for stronger measures to stabilize the real estate market.
- August 2025：
- Sales hit a recent low of 5,267 units according to the Shenzhen Real Estate Intermediary Association.
- September 5, 2025：
- Shenzhen removed home-purchase limits in all areas except Nanshan, Futian, and the Xin’an subdistrict in Bao’an.
- September 6, 2025 to September 30, 2025：
- Average daily transactions of secondhand homes on Beike’s Shenzhen branches rose 31% compared with July and August 2025.
- September 2025：
- Market posted a brief rebound; transaction volume rebounded 10.3% to 5,808 units.
- October 2025 Golden Week：
- Property viewings and sales slumped during the National Day holiday.
- Since early October 2025：
- Sales have dropped sharply from September 2025 high.
- After October 9, 2025 to October 22, 2025：
- Daily sales were up 26% from earlier summer levels.
- Late October 2025：
- A Lianjia branch in Longgang district closed only two sales despite earlier September rebound.
AI generated, for reference only
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