SALES of pre-owned homes in Shenzhen dropped 70 percent last week, according to data from the city s urban planning, land and resources commission.
Only 1,913 pre-owned homes were sold last week.
The average price was 19,575 yuan (US$2,937) per square meter, a 6.16-percent increase compared with the previous week.
The market for new homes also experienced a downturn, dropping about 40 percent to a record low in six weeks.
The total area of pre-owned homes sold was 167,700 square meters.
A total of 508 new homes were sold, with a total area of 49,300 square meters.
Sales of new homes in Yantian District saw the greatest decline of almost 90 percent.
The average price of new properties decreased 13 percent to 17,808 yuan per square meter.
The price drop was attributed to most of the properties being small homes of 90 square meters or less.
The market for new homes and pre-owned homes was becoming increasingly rational, with price increases slowing, according to an industry insider.
He said the decrease in sales showed the new regulations limiting home purchases had been enforced properly.
An increase in property sales is expected because the market will rebound from the bottom line in the near future, said Wang Shijie, marketing director of Centaline Property. (Tina Chen)
