Shenzhen's high-end housing segment posted a 5.7% month-on-month increase in average resale transaction prices for homes priced above 10 million yuan in July, according to Beike Research Institute data, even as affordable housing prices continued to soften.
Diverging Price Tiers
The tiered performance underscores a deepening market stratification: homes under 5 million yuan saw average resale prices fall 1.3% month-on-month, while the 5-10 million yuan improvement segment edged up just 0.1%. Premium properties above 10 million yuan led gains with the 5.7% surge.
"The housing market has moved beyond the era of synchronized rises and falls," Beike analysts said. "Market segmentation has deepened, with prime-location quality properties demonstrating significantly stronger price resilience."
Volume Remains Stable
Through July 26, Shenzhen's secondary housing market recorded 4,087 transactions covering 411,600 square meters, with transaction area up 0.44% year-on-year. While July volumes eased on seasonal factors, prices showed clear signs of bottoming, with negotiation discounts continuing to narrow.
The resilience of the luxury segment reflects limited supply of premium properties in core districts such as Nanshan and Futian, combined with sustained demand from high-income buyers seeking quality assets.
August Outlook
Analysts expect transaction volumes to remain range-bound in August due to summer seasonality and weather factors, with the market likely maintaining its moderate repair trajectory rather than experiencing broad-based price increases.