A total of 3,486 pre-owned apartments were sold in Shenzhen in the past week, growing by 19.5 percent over the previous week, according to statistics by Zhonglian Lianjia housing agency.
Longgang and Futian districts recorded the most sales of pre-owned homes with more than 700 homes sold in each of the two district, up by 4.5 percent and 22.7 percent, respectively. They were followed by Bao’an District with 697. Luohu District recorded the largest growth rate of nearly 40 percent over the previous week at 618 homes.
Real estate analysts said the sale of pre-owned homes in Longgang and Bao’an districts partly dragged down the average price as homes in the two districts are relatively cheaper than downtown districts like Futian and Nanshan.
The booming sales in pre-owned property market are the result of new government polices that have lowered required down payments and done away with some taxes.
“Many first-time homebuyers bought apartments in Longgang, Futian and Bao’an districts,” said real estate analysts from the agency. “Investors prefer Longhua New Area, Buji in Longgang and Xixiang in Bao’an.”