City has Housing Surplus of More than 4 Million Square Meters as of 2013
According to Centaline Group, new housing that will be available in Shenzhen will be around 12 million square meters for this year. This means that around 90 new buildings will be available in the market thus providing 8 million square meters of housing. The figure is 20 percent more than the amount of new housing that was added in 2013. And around 4 million square meters of new housing that was added in 2013 still remains on the market.
In 2013 an average of 370,000 square meters of new housing were sold in a month and based on the Shenzhen Municipal Urban Planning, Land Resources Commission that at this going rate it will take 11 months to sell out the remaining stock of 4 million square meters of new housing left from 2013. In Longgang District available new housing is more compared to other parts of the city, in which Longgang has more than 2 million square meters of new housing available as of last year.
For four consecutive years the city new housing supply has exceeded its demand as local authorities as approved more than 5 million square meters of new housing that was put up for sales last year and only 4.4 million square meters were actually sold. Meanwhile Yantian and Nanshan have the greatest imbalances in its supply and demand in 2013 as ratio was at 1 is to 0.44 in Yantian and 1 is to 0.48 in Nanshan.