More Younger People Choosing to Buy Luxury Homes in Shenzhen
Research has shown that Shenzhen luxury homes are now reaching a younger market as the average age for buyers have dropped to 38 percent from 40 over the past four years. Most of the buyers of these luxury homes especially those who cost around 10 million yuan or more are from the rapidly growing industry of IT, e-commerce and finance and from the ages of 37 to 45.
These young buyers are choosing to buy in the central Futian District as the average age of the home buyers are in the 34 range. The buyers also choose these areas due to the easy access to public transportation, urban vitality and the developed infrastructure. Meanwhile older buyers of luxury homes are choosing to buy homes in remote areas such as Xianmihu in Futian, Houhai Bay in Nanshan and Dameisha in Yantian where the average age of buyers is at 44.
Based on the study conducted by Centaline there are three factors that contributed to the demographic shift in the buying a home, such as some people are looking for nicer homes and have it registered in the name of the children to avoid the home buying restrictions that was implemented in 2010 by the local government. Also the rapid growth of the industries such as IT, e-commerce and finance has generated a increase in the number of younger professionals that was able to earn a significant amount of wealth in a short period of time.