The month of March saw first-tier cities deliver strong performance reports for their property markets. The traditional peak sales season of "Silver April" is regarded by the industry as a critical period for observing market trends. During the Qingming holiday, reporters conducting on-the-ground investigations in the Shenzhen market found that many new home sales managers and secondary housing agency managers indicated that this year's holiday period saw slightly better market conditions compared to the previous year, with accumulated demand continuing to be released.
A marketing manager at a new housing project near Guangyayuan in Longgang District stated, "The weather in Shenzhen hasn't been great recently, but the project has still achieved good sales results. Three units were sold on the first day of the Qingming holiday, and the market situation is better than last year. The company is also preparing to gradually withdraw discounts." The manager added, "The May Day holiday is an even more critical 'window period.' We anticipate the overall market will continue its recovery in the near term."
Regarding new projects preparing to withdraw discounts, several prospective homebuyers interviewed viewed this move primarily as a "marketing tactic." One buyer commented, "We place greater importance on the quality and value-for-money aspect of the property. There are many new home options available on the market now; we won't make a hasty decision just because of a slight discount."
Industry insiders noted that since last year, "selling at reduced prices" has not been a widespread phenomenon in Shenzhen's new home market, being concentrated mainly among a few developers facing financial pressure. The strategy for some Shenzhen developers has shifted from "prioritizing volume over price" to "seeking both volume and price." Furthermore, a widespread rebound in new home prices typically only becomes apparent after transaction volumes have risen consistently for half a year. However, the overall transaction volume for new homes in Shenzhen remains significantly lower than that for secondary homes.
A marketing manager for a new project in Luohu District also mentioned, "Coinciding with the public holiday in Hong Kong, we have recently seen some Hong Kong clients coming for inquiries and viewings."
Data from the Leyoujia Research Center shows that from April 1st to 3rd, the cumulative online signings for pre-sold and ready-for-sale new residential properties in Shenzhen reached 361 units, while secondary residential properties reached 685 units, bringing the total to over 1,000 units. It is noteworthy that the secondary housing market in Shenzhen has taken the lead in driving the market upturn, becoming the core engine of the current "spring warm-up."
A veteran real estate agent specializing in properties within the Shenzhen Middle School district in Luohu District reported, "In the days leading up to the Qingming holiday, several units were transacted in the Jinlihao Yuan and Jiahu Xindu communities. Transaction activity has picked up, but prices have not changed significantly for now, remaining basically flat compared to the end of last year."
Interviews with property agency managers across multiple districts revealed a consensus that the current secondary market still relies on price support, with trading volume recovery being contingent on price reductions. "Homebuyers are very rational now; they will only make a move if the price is right. Sellers understand this as well, and many are willing to offer appropriate price reductions to facilitate a transaction," they noted.
According to statistics from the Shenzhen Real Estate Intermediary Association, secondary housing transactions recorded in March totaled 7,225 units, a surge of 151.2% month-on-month, hitting a new high in nearly 12 months, although this represented a year-on-year decrease of 6.2%. The association attributed the significant monthly increase primarily to post-holiday market resumption and the concentrated release of demand. However, the year-on-year decline indicates that overall market confidence remains insufficient, and the strength of the recovery still has room for improvement.
Concurrently, Shenzhen's secondary residential market is exhibiting three core characteristics. Firstly, demand is led by end-users, with high value-for-money properties driving transactions. Secondly, multiple districts are contributing to activity, with demand for improved housing in core areas being steadily released. Thirdly, transactions are concentrated in large, well-established residential communities with mature amenities and strong liquidity, reflecting that current homebuyers are making more rational decisions, prioritizing core asset value and liquidity as primary factors.
Speaking recently at the 2026 Viewpoint Annual Forum, Wang Shao, President of the Guangdong Provincial Real Estate Industry Association, stated that key cities are already showing signs of "spotty recovery" in 2026. Metrics such as new home viewings and signed transaction volumes are gradually warming up, homebuyer confidence is recovering, the supply-demand relationship is moving towards rebalancing, and the adjustment trend is moderating. However, third- and fourth-tier cities still face challenges such as high inventory pressure, low market activity, and weak expectations. Local governments need to continue deepening city-specific policies and implementing precise regulations. Furthermore, by focusing on the construction of "good houses," a new lever for high-quality real estate development can be created. The value proposition of "good houses + good services + good operations" can activate residents' consumption power and market investment vitality.
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