Shenzhen Housing Saw Slight Drop in Average Prices
In 2012 new apartments in Shenzhen have an average price of 18,900 yuan per square meter, a drop of .5 percent compared to the average price of 2011. The marked the first time new properties prices in Shenzhen have dropped in two years in a row.
Even if the city’s average housing price have increased during the second half of last year, prices for apartments were still lower compared to previous years and most of the new apartments that were purchased last year were located in Bao’an, Guangming, Pingshan, Longgang and Longhua.
In 2012 housing prices in Futian, Bao’an, Luohu and Yantian were higher than the average prices in 2010, but prices in Nanshan and Longgang dropped slightly. In Longgang housing price was 14,000 yuan per square meter in 2012 dropping 4.3 percent from 2011 and in Nanshan was 34,000 yuan per square meter a drop of 2.3 percent. Even with the slight drop Nanshan price was still the highest among other districts and new areas.
The decrease in prices was caused by strict measures implemented by the Central Government in hopes to curb housing prices. Even with the market fluctuations, housing prices in Shenzhen are above international affordability standards.