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Shenzhen's real estate market has shown a robust response following the introduction of a new real estate policy Sept. 29, with a surge in transactions and a stable pricing trend, the city’s housing and construction bureau said Monday.

This marks a notable shift in the sector’s performance, which had been experiencing a lull.

According to the latest housing price index released by the National Bureau of Statistics, the sales price of newly built commercial residential properties in Shenzhen saw a modest increase of 0.1% month on month in October, reversing a nearly 18-month downward trend.

Similarly, the sales price of pre-owned residential properties turned positive for the first time in almost 13 months, jumping to a 0.7% increase from a 1.3% decrease the previous month.

A clear testament to the market’s newfound vitality was seen Sunday in Longgang District, where a property development was completely sold out within two hours of opening. This rapid sellout is a first in Longgang in recent years. Currently, Longgang has 33 major projects on the market, with transactions remaining lively.

In another instance, a project in Nanshan District achieved a 96% sales rate on its opening day Nov. 22, reinforcing the trend of quick-selling properties.

Statistics from Nov. 1 to 24 show that 7,800 apartments were sold and registered online, reflecting a staggering average daily year-on-year increase of 201.3% and a month-on-month increase of 85.8%.

Additionally, 5,477 pre-owned apartments were sold and registered online during the same period, with a daily average year-on-year growth of 118.5% and a month-on-month growth of 15.6%.

The Shenzhen Real Estate Intermediary Association credits the newly introduced real estate policies for the market’s upswing.

The association’s spokesperson stated that the enthusiastic market response to the new policies is a strong indicator of its effectiveness. These measures provide a robust foundation for the sustainable and healthy development of the real estate market in Shenzhen.