Shenzhen's new apartment price hits RMB 16,080 per sq m in Jul

Aug. 12, 2009 (China Knowledge) - Shenzhen, a major city of Guangdong Province, in July saw the average transaction price for new apartments hit RMB 16,080 per square meter, a price reflecting a year-on-year decrease of 0.73% or a month-on-month increase of 8.47%, according to Shenzhen Municipal Bureau of Land Resources and Housing Management.

During the period from February to July, the city's average transaction price for new apartments swelled RMB 5,310 per sq m, or 50%. The average price was RMB 11,459 per sq m in January, RMB 10,770 per sq m in February, RMB 10,971 per sq m in March, RMB 12,203 per sq m in April, RMB 12,550 per sq m in May and RMB 14,823 per sq m in June.

Shenzhen's highest average transaction price in new apartments was RMB 17,350 per sq m in October 2007.

In the first seven months of this year, Shenzhen sold new apartments totaling 4.57 million sq m, a year-on-year jump of 153.78%. In the same period, the city sold second-hand apartments totaling 6.14 million sq m, which reflects an amazing year-on-year increase of 207.19% and is much higher than the 3.51 million sq m in the same period of 2008. Last month, second-hand apartment sales area reached 1.25 million sq m.