Qingming Holiday Shenzhen Real Estate Transactions Hit Six-Year High

“This year’s Qingming holiday transaction volume has been clearly better than the same period last year. For some popular new residential projects, about 40 units were sold over the three-day holiday.” On April 7, several frontline real estate sales managers told reporters, “At present, the divergence in Shenzhen’s housing market remains very clear. Coupled with the rebound in the second-hand housing market, for new residential projects that are leading in transaction performance, there is also a relatively significant product scarcity and price advantage within their respective districts.”

He Qianru, Director of the National Research Center at Midland Realty, said that the Shenzhen housing market is still in a weak recovery stage and has not yet reached a full recovery. Therefore, high-quality properties with good value for money in each region are more likely to win the favor of homebuyers. “I expect the market’s segmentation to continue to exist for a period of time in the future.”

On the same day, data released by the Leju Research Center showed that during the 2026 Qingming holiday (4.4—4.6), the signed volumes of first-hand and second-hand homes at Leju stores in Shenzhen both hit the six-year peak for the same period since 2021. Among them, the signed volume of first-hand homes increased by 55% year-on-year compared with the Qingming holiday in 2025, while the signed volume of second-hand homes increased by 28% year-on-year; the viewing volumes of first-hand and second-hand homes increased by 17% and 13% year-on-year, respectively.

In the course of the interviews, the reporter found that April is the traditional peak sales season for the housing market—the “Silver April.” At the same time, industry insiders also regard it as a key period for observing the direction of the market. Many projects had already launched a series of incentive and discount measures aimed at keeping up with market heat by the end of March.

At the sales site of the China Resources Runzhen Garden project in Guangming District, Shenzhen, the reporter learned that ordinarily, the transaction volume of this project over the usual two-weekend days is around 10 units. However, during the first two days of the Qingming holiday, this project sold 30 units.

The sales manager of the project told the reporter, “Before the Qingming holiday arrived, we adjusted our prices. For some units, the unit price per square meter decreased by 1,000 yuan to 2,000 yuan, which attracted many customers. At the same time, we introduced bottom-floor commercial shops in advance. Compared with other pre-sale projects, our commercial supporting facilities are more straightforward and visible, so our sales have remained consistently good in the region.”

Similarly, “Zhongjian Pengchen Yunzhu in Longhua District, Shenzhen, launched the pre-sale of Building 11 during the last week of March. A total of 252 units were available for sale, and as of April 6, more than half had already been sold,” said Zou Zhiqiang, Director of New Homes at Leju.

Also, according to an analysis by the Shenzhen Beike Research Institute, during this year’s Qingming holiday, the customer groups entering the market were mainly first-time buyers with rigid demand and improvement-oriented buyers. Overall, the transaction structure was healthy and steady, and market sentiment was significantly more positive than in the same period last year.

In terms of the transaction structure by unit type, the market shows the feature of “rigid demand taking the lead, followed by improvements.” Three-bedroom units saw the highest increase in signing volume. As the mainstream choice for housing purchases for families in Shenzhen, the strengthening of three-bedroom transactions reflects that the “first upgrade” demand is the most resilient. One-bedroom and two-bedroom small units also maintained strong growth. The characteristics of low total price and high liquidity mean that these units still serve as the market’s “ballast stone.” In addition, the increase for large units with five bedrooms or more reached 100%. Although their overall proportion is not high, the doubling growth indicates that high-end improvement demand is accelerating its entry. The market is gradually shifting from being supported by rigid demand alone to a situation where rigid demand and improvements jointly drive efforts.

Lei Bo, Planning Manager of the Phoenix Jiuli project, said, “Although we cannot compare with the market heat in March, the performance of Shenzhen’s housing market during this year’s Qingming holiday truly exceeded the expectations of people in the industry. Currently, Shenzhen’s housing market is in a transition period from ‘old regulations’ products to ‘new regulations’ products. The hesitancy among the homebuyer customer base has increased, and there are signs that the transaction cycle is being extended. At the same time, the price decline of some relatively new second-hand homes has also caused a certain level of disruption to the new home market.”

Xiao Xiaoping, President of the Shenzhen Beike Research Institute, believes that the perceived good or bad experiences of frontline practitioners also, to some extent, reflect the different conditions across regions in Shenzhen’s housing market. “During the Qingming small holiday, many residents went out to enjoy spring outings. Compared with the hot market at the end of March, market heat has definitely cooled. However, compared with the same period in previous years, the increase in sales volume during this year’s Qingming holiday in Shenzhen is very evident. This also validates that the Shenzhen real estate market has strong resilience and that demand on the buyer side continues to recover. Going forward, as rigid demand and improvements rotate and gain momentum, Shenzhen’s housing market is expected to maintain a steady and positive trend.”

【Source: Shanghai Securities News · China Securities Network】