Qingming Holiday Shenzhen Real Estate Transactions Hit 6-Year High

“The trading volume during this year’s Qingming holiday was clearly better than the same period last year; during the three-day holiday, some popular new residential projects sold nearly 40 units. On April 7, several frontline real estate sales managers told the reporter: ‘At present, the differentiation in Shenzhen’s real estate market is still very evident. Coupled with the impact of the secondhand housing market warming up, for newly built residential projects that rank higher in terms of sales, there is both relatively obvious product scarcity and price advantages within their respective submarkets.’”

He Qianru, Director of Research at Lianjia Property, said that Shenzhen’s real estate market is still in a weak rebound stage and has not yet reached a comprehensive rebound. Therefore, high-value-for-money quality properties in each region are more likely to win the favor of homebuyers. “I expect that the market’s differentiated situation will continue to exist for a period of time in the future.”

On the same day, data released by Le Youjia’s research center showed that during the 2026 Qingming holiday (4.4—4.6), the number of signed deals for both primary and secondary homes at Le Youjia stores in Shenzhen reached six-year peak levels since 2021. Among them, the number of primary home signings increased by 55% year over year compared with the 2025 Qingming holiday, while the number of secondary home signings increased by 28% year over year; the number of homeviewings for primary and secondary homes increased by 17% and 13% year over year, respectively.

In interviews, the reporter found that April is the traditional peak sales season for the real estate market—the “Silver April.” It is also regarded in the industry as a key period for observing market direction. Many residential projects had already launched a series of price concessions at the end of March to cater to market heat.

At the Huafeng Runzhi Yuan project site in Guangming District, Shenzhen, the reporter learned that usually this project’s成交量 (sales volume) over two weekend days was around 10 units. However, in the first two days of the Qingming holiday, the project had already sold 30 units of available homes.

The project’s sales manager told the reporter: “Before the Qingming holiday arrived, we adjusted our pricing. The per-square-meter unit price of some units decreased by 1,000 to 2,000 yuan, which attracted a lot of customers. At the same time, we introduced bottom-floor commercial units in advance. Compared with other pre-sale projects, our commercial supporting facilities are more tangible, so sales have stayed quite strong in the region.”

Not to be outdone, “China Construction’s Pengchen Yuncheng in Longhua District, Shenzhen launched an additional batch of Building No. 11 in the last week of March. A total of 252 units were on sale; as of April 6, more than half had already been sold.” said Zou Zhiqiang, Director of New Homes at Le Youjia.

In addition, according to analysis by the Shenzhen Beike Research Institute, during this year’s Qingming holiday, the buyers entering the market were mainly first-time demand and improvement-oriented buyers. The overall deal structure was healthy and steady, and market sentiment was notably more positive than during the same period last year.

From the deal structure by floor plan, the market shows the characteristics of “first-time demand leading, improvement following.” The three-bedroom floor plan category had the highest growth in signing volume. As the mainstream choice for household home purchases in Shenzhen, the strengthening of three-bedroom sales reflects that the “just-improved” demand is the most resilient. One- and two-bedroom small units also maintained strong growth. The low total price and high liquidity keep these listings as the market’s “anchor.” In addition, the growth rate for five-bedroom and larger large units reached 100%. Although the overall share is not high, the doubling growth indicates that high-end improvement demand is accelerating into the market. The market is gradually shifting from being supported solely by first-time demand to a situation where first-time demand and improvement both work together.

Lei Bo, planning manager for the Fenghuang Jiu Li project, said: “Although we can’t compare with the market’s heat in March, the performance of Shenzhen’s real estate market during this year’s Qingming holiday truly exceeded the expectations of people in the industry. At present, Shenzhen’s real estate market is in a transition period from ‘old regulation’ products to ‘new regulation’ products. Homebuyers’ hesitation has intensified, and there are signs that the transaction cycle may be lengthening. Meanwhile, the price decline in some ‘nearly new’ secondhand homes has also caused certain pressure on the new home market.”

Xiao Xiaoping, President of the Shenzhen Beike Research Institute, believes that the ups and downs felt by frontline practitioners also reflect, to some extent, the varying temperature across different regions of Shenzhen’s real estate market. “During the Qingming mini-holiday, many residents went out to enjoy spring. Compared with the hot market at the end of March, market heat has definitely cooled. But compared with the same period in previous years, sales growth in Shenzhen’s real estate market during this year’s Qingming holiday is very evident. This also confirms that the Shenzhen property market has strong resilience, and demand-side recovery continues. Looking ahead, as first-time demand and improvement-oriented segments rotate and gain momentum, Shenzhen’s real estate market is expected to maintain a stable and positive trend.”

（Source: Shanghai Securities News）