Review and forecast of Shenzhen real estate market
From Macro-economic point of view, Shenzhen economic growth has somewhat reduced in 2008, but the overall performance is still good. The real estate market which is closely related to macro-economy also appears cachexia. From January to November, a total volume of housing units for Shenzhen are 35,919 sets/3,319,300 square meters, which reduce 25.45%/28.47% compared with the same period last year; total sale volume for commercial houses are 61,275 sets /6,003,000 square meters, which increase 28.75% / 29.95% compared with the same period last year. 2008 January to November in Shenzhen, the average price of commercial housing is 12,998 yuan / sq m, which have dropped sharply.
Although the downward trend in the real estate market has preliminarily checked, there are many house stocks in the early stage, sales market situation for commercial residence is still grim, the market is difficult to organize an effective counterattack in the near future. It is expected in 2009, the new house transaction in Shenzhen market is likely to pick up, but there is a limited increase.
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