Shenzhen front sea. Yellow guide
Reporter zhang bai wong, shenzhen
In the opening year of 2026, the shenzhen used house market came out of its three-month steady recovery curve, and after spring trade activity was quickly restored, setting off the market's strong expectations of a “young spring”。
On 1 march, data from the centre d ' études ensembles showed that, although second-hand internet signings in shenzhen in february were affected by the return of vacations, the first week of the festival saw a significant increase in the number of contracts, and the proportion of improved housing stock in the core urban areas continued to rise, making it an important structural support for price stability。
“the spring season of the previous year has been an absolutely light season in the city, and the market performance for this spring has exceeded our expectations.” shenzhen has a shop manager who spoke out to the wigand times reporter, “we did not sign the first list of spring festivals until early 6 last year, when the deal was made. This round warms up more steadily and faster than we expected.”
This round, which breaks the inertia of the spring cycle, not only rips apart the deep structure of the cold and hot division of shenzhen city, but also serves as a forward-looking window for observing the process of repairing the bottom of shenzhen city in 2026 and judging the course of the year。
The new house is not here
As a key forward-looking signal of market dynamics throughout the year, shenzhen city's “young spring” has traditionally been seen by industry as an important cyclical target。
In retrospect for the two rounds of the spring run in 2020 and 2021, the market has seen the emergence of landmark “sunlight” projects, which have just to go hand in hand with improvements and which are rapidly warming. But in 2026, the shenzhen new house market came out of a different curve from the past. – the expected boom-bust spring has not materialized, and cold-hot fragmentation has become a central thread running through the new spring market。
The heat of the new housing market is not entirely absent, but is highly concentrated in a few core markers and specific plates, creating a different operating logic from the overall warming of previous years。
According to the shenzhen research centre, over 30 new housing projects throughout the city have introduced “springless” marketing activities, offering 88 discounts, up to $120,000 in subsidies for home purchases, rent cuts, property grants, brand-made electric kits, etc.; more expensive projects such as the golden sea bay, the former sea bay, the royal court, etc., and exclusive rights such as discounts, discounts, furniture vouchers, etc., are available in parallel with the vr, live-and-read equivalent services, and have been tailored to accommodate the deep-seated industry and the hong kong customer population, thus keeping the overall profitability high in recent years。
There was a structural rise in heat at the market end as a result of the promotion. Shenzhen data show that, even though spring holidays affected in february and the number of new homenets declined seasonally, the actual trade activity did not simultaneously cool down. During spring break, the market for new houses cumulatively settled 33 units, with a daily average of 3. 7 units, a significant increase of 125. 6 per cent over the same period。
The dividend of deep port integration has been one of the driving forces behind this round of structural heat. As the facilitation of deep-water traffic continues, the “north up” industry has become a new option for a growing number of hong kong residents, maintaining a high level of port traffic during the spring season, leading directly to a rise in the heat of projects along the route。
“in the spring holidays, new housing projects along the border received a large number of hong kong clients and there was a marked increase in the number of consultations and visits.” a local intermediary shop manager in shenzhen shenzhen for 12 years said to the wigand times journalist。
It's a marketing center. Source: project sales
The junction of local markets has added a unique bright spot to the new spring market. The concubine dojo project, located in the new pouan plate, achieved a single-day deal of 50 sets, which resulted in the opening of the shenzhen new house market。
The head of the above-mentioned intermediary shop disclosed to the press that the project had performed fairly well last year, but that the pace of subsequent evaporation had continued to slow; after the year, the project had introduced a premium of nearly $1 million over the total price of the offer, and had rapidly democratized over 70 housing units, 89 square metres of which had been sold out in just one week。
However, sporadic heat has failed to converge into the “sun spring” expected by the market. The cold global transaction data contrasts with the structural local heat。
According to statistics from the centre for the study of lottery, in february shenzhen there were 751 home pre-salenets, 546 on-sale and 1297 on-sale, which represents a 50 per cent decline in the ring ratio and a 47 per cent decline over the same period. From the performance of the shenzhen regions, the core bearings of springtime heat have been concentrated in the two main regions of bouan and longhua, which have become the backbone of the new housing market since the festival。
Shenzhen's home network has moved. Figure : research centres of the family
“by reference to the market performances of previous years, shenzhen's xiaoyang spring this year has not yet arrived.” the head of the above-mentioned intermediary shop stated that, despite the increase in sales and the recovery in the value of the projects during the spring festival, the lookout mood in the new housing market remained strong and the heat in the market was not effectively transmitted to the end of the bargain, “according to the feedback from the remaining sales in the crime scene, the actual performance of the spring festival was even lower than in previous years”
The absent young ying chun was followed by a thorough re-engineering of the underlying logic of the shenzhen new house market. The era of “close-eye buying” had come to an end, and the shift in value between core and non-core assets was becoming irreversible。
The game in shenzhen's new housing market has shifted from the previous cycle to the current asset value selection when heat is no longer rising and fragmentation is normal。
The second-hand room is starting to shine
In contrast to the extreme polarization of the new “premature” market, the shenzhen used house market is sending the clearest warming signal since the beginning of 2026。
The average value of second-hand dwellings has been stable for three consecutive months, and the market heat has been more than expected since the spring season, making it one of the most important first-line indicators of the shenzhen city's “young spring” situation。
Li yu jia, a leading researcher at the centre for housing policy research in guangdong province, told the wakai times journalist that after the spring festival of february 2026, the shenzhen second house market did not show up for the “cool opening” of previous years, but rather for the unexpected opening of the door. The turnover of the first week after the festival more than doubled the holiday week (an increase of about 160 per cent), not only repairing the leave gap, but also exceeding the normal pre-event level。
Monitoring data released by the centre d ' études entrepreneurs further confirm the warming of the market. In february 2026, the average value of second-hand dwellings in shenzhen was 62,000 yuan/m2, an increase of 7. 3 per cent in the ring ratio, which was the third consecutive month in which the data continued to rise and the signal of a steady recovery in the market continued to strengthen。
The second-hand residence in shenzhen is in a trade. Figure : research centres of the family
The starting point for this round of price repairs was the previous deep echo of the shenzhen used house market. The head of the above-mentioned intermediary shop said to the journalists that the average price of the second-hand residence in shenzhen in 2025 went down to $45,000 per square metre, falling back to the same period in 2017; the supply cycle grew to almost seven months, the buyers reached 108 days, and the market as a whole was in a price-for-price cycle。
"the fundamentals of shenzhen city have never wavered... It is a city with a large external population base and a constant and solid demand for new industries.” according to the head of the above-mentioned intermediary shop, when the prices were higher in 2021, 70 or 80 per cent of the customers contacted by the store were “visible, but impossible” and the high threshold of down payment and monthly supply were blocked directly outside the market; and as the price of the house moved back to a reasonable range, this segment of the population had to enter the market on a continuous basis, laying the groundwork for exchange rates in shenzhen city, thus avoiding a lack of bottom-line speed in the market。
Lee woo jia shares the same view with regard to second-hand heating and decomposition. In his view, the prices of the second-hand market for the current round had recovered and the core driving force had come from the internal dynamics of the market. The policy of inter-temporal overloading of housing prices at low levels has resulted in sustained releases, accelerated entry by the need-for-home groups, simultaneous start-up of replacement demand by stock owners and a combined increase in the trade heat of the used-room market。
However, as the price rises, the shenzhen second-hand house market does not follow the same division logic as the new housing market. The continuous roll-up of the average exchange price is not a general reversal of global house prices, but rather a structural pull from the rise in the trade-off ratio of high-value housing sources in the core urban areas, where fragmentation remains the core bottom of the market。
According to data from the centre for the study of lottery, in february 2026, the total value of improved housing in shenzhen was between $8 million and $10 million, representing 3. 4 percentage points in comparison with the previous line, and over $8 million, representing an overall increase of 4. 1 percentage points。
Most of these sources are concentrated in high-quality areas in the core urban areas of nanshan and fukuda, where the trade-off ratio continues to rise and directly pushes the average price of second-hand homes across the city。
“the price of second-hand houses in the current round is high, on the one hand, when the first low-priced sources are quickly cleared, the secondary low-priced sources become the main bargaining power, leading to a shift up the transactional hub; and, on the other hand, the expected decrease in the owner's prices, which is expected to continue to weaken, the build-up of high-quality housing supplies in the core areas, and the start of the replacement chain of houses, eventually resulting in a structural increase in the average market price。
In step with market dynamism, secondary market regions and product differentiation. On-site visits by journalists of the newspaper revealed that the quality of new houses in the core areas of nanshan science park, fukuda hongmei lake and the bouan central district, where the bargaining space for owners had become significantly narrow, and that some of the prices offered by owners of the sources had been stronger and even slightly higher。
Second-hand sources in outlying areas, such as yonggang, tsangshan and shining, are still under considerable pressure to devolve even when the owner has taken the initiative to cut the offer, with the stock being kept high and the pressure on price adjustments not yet fully cleared。
In li’s view, the current phase of repairs (shenzhen city) is confirmed, as is the market’s bottom-up and touchdown phases, but the bottom-up, recognition of the need for a steady recovery in volume prices, in particular the need for new signs of low and stable listings, declining bargaining rates and even second-hand house premium trading。
