Sales of new homes in Shenzhen have plummeted a staggering 48.8 percent since last year, whilst transactions involving second hand apartments were down 30 percent.
However, whilst the sales figures are dropping the housing prices are still rising. The average transaction price in the special economic zone has risen 1.1 percent this year to 23,981 RMB per square meter.
This is a worrying trend as analysts continue to speculate on the sustainability of China’s real estate bubble in first tier cities.
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Keywords: Real Estate Sales in Shenzhen
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