Reaches an 11-month high! Shenzhen real estate market, latest data

April 1, according to the latest data released by the Leyoujia Research Center, in March 2026 the total number of signed contracts for newly built and existing residential properties in Shenzhen reached 7,898 units, up 117% month over month, the highest value in the past 11 months. Among them, the number of deals signed at Leyoujia stores is approaching the peak level after the “929” policy was implemented in 2024.

In reporting from on-site visits, it was learned that in both Shenzhen’s traditional luxury areas represented by Xiangmihu, Overseas Chinese Town, and Shenzhen Bay, as well as Longhua District where demand from first-time homebuyers is relatively concentrated and overall transaction volume ranks among the top, there are clear signs of a rebound in viewings and an increase in transaction volume.

“We clearly feel that the increase in the number of house-viewing customers is more evident than the rise in actual transaction volume.” Li Fangyuan, general manager of Shenzhen Chengguang Real Estate Brokerage Co., told reporters that at present, listings priced between 4 million and 6 million yuan remain the mainstay of transaction activity in Shenzhen’s housing market. Since early January this year, the transaction cycle has been shortening continuously; at the same time, the market rent for some first-home demand housing and the monthly mortgage payments for purchasing gradually converge, further prompting first-home buyers to actively enter the market for property viewings. “Against this backdrop, homeowners’ mindset has also changed. In our observations, the average asking price of existing-home listings has risen in some local areas, and negotiation room has started to shrink.”

“I originally had my eye on a home in a certain community in Futian District, Shenzhen, with a total price of around 7 million yuan. By mid-March, feeling the market had warmed up, the homeowner suddenly raised the price by 500,000 yuan.” In an interview, an anonymous homebuyer told reporters.

According to monitoring by the Shenzhen Beike Research Institute, in March, in addition to the acceleration of rigid demand such as first-time home purchases and school-district reshuffling, high-end improvement-type demand also steadily gained momentum. The signed-contract volume for existing homes above 10 million yuan increased sharply by 193% month over month.

“On March 31, our stores completed transactions for five properties, with total prices between 10 million and 15 million yuan. This number far exceeded our expectations.” Huang Zhen, business manager for the Leyoujia Xiangmihu area, told reporters that in his view, the revival of listings in Shenzhen’s traditional luxury districts is obvious. “For example, luxury residential communities represented by Hongrongyuan Xiyuan—since the end of January, we have cumulatively sold nearly 30 properties, with an average price exceeding 25 million yuan.”

Data from the Leyoujia Research Center shows that, from the overall transaction structure, Shenzhen’s housing market is currently characterized by ‘a full-fledged rebound, with existing homes taking the lead.’ In March 2026, Shenzhen’s newly built residential pre-sale signed contracts totaled 1,571 units, up 109% month over month; existing on-market signed contracts were 1,256 units, up 130% month over month; combined signed contracts were 2,827 units, up 118% month over month. Existing residential signed contracts were 5,071 units, up 117% month over month, and has continued to stay steadily at the level of the ‘surplus/deficit line,’ with solid support for the market bottom.

Beyond the bustle, He Qianru, director of research at the U.S. Poly (Meilian) Property national research center, believes this round of market rebound is mainly driven by seasonal factors. Every year, the pattern of “Gold Three and Silver Four” typically manifests as a regular rebound in transaction volume after the Lunar New Year. Meanwhile, many households with demand for school-district housing also choose to enter the market during this period, which is closely related to enrollment time points. Therefore, the transaction peaks in March and April each year are essentially attributable to seasonal factors.

“From Shenzhen’s overall transaction rhythm, since last year, the market has been showing a relatively stable development trend. The current transaction volume is also within expectations, and there has been no unusual market fluctuation,” He Qianru said.

Although the rebound in March has seasonal characteristics, industry insiders still hold positive expectations for the subsequent performance of Shenzhen’s housing market. The Leyoujia Research Center believes that this round of rebound is led mainly by first-time buyers with rigid demand and improvement-oriented buyers, driving greater market activity. With the continuation of the traditional peak sales season of “Gold Three and Silver Four,” the active trend in Shenzhen’s housing market is expected to persist into the second quarter.

In addition, the newly revised Measures for the Administration of Housing Provident Funds in Shenzhen (hereinafter referred to as the “Measures”) have been officially put into effect starting April 1. The “Measures” clarify that employees may, on the basis of the unit’s contribution ratio, voluntarily apply to increase their personal contribution ratio to obtain a higher housing provident fund loan amount, thereby enhancing their housing consumption capacity. The adjusted personal contribution ratio, at most, does not exceed 12%.

It is reported that this revision focuses on employees’ housing consumption needs, and promotes the policy’s quality and effectiveness enhancement by optimizing contribution ratios, expanding group coverage, and strengthening rights protection, among other aspects.

【Source: Shanghai Securities News · China Securities Network】