STRONG ECONOMIC AND DEMOGRAPHIC FUNDAMENTALS SUPPORTING INCREASING PURCHASING DEMAND

Shenzhen’s economy grew notably during the past decade, with the CAGR for the city’s GDP from 2010 to 2020 reaching 10.7%. In the post-COVID period, the local economy accelerated its recovery, and the city’s GDP was first among all first-tier cities to return to the positive growth quadrant, increasing by 7.1% year-on-year (YoY) to RMB2,179.1 billion as of Q3/2021. The growing economy and other charms of the city continued to attract a growing number of young workers to relocate and migrate into the city.

According to the seventh national census, Shenzhen’s permanent population grew by 5.4% per annum over the last decade from 2010 to 2020, reaching 17.6 million by the end of 2020, and the growth rate was the highest within the Greater Bay Area (GBA). These have generated a considerable amount of purchasing demand for the Shenzhen residential sales market.

Despite the negative impact of COVID-19 and the escalated pandemic controls, the Shenzhen residential sales market has remained active over the past two years.