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In the first five months of this year, the price and transaction volume of Shenzhen's housing market have dropped significantly.
Shenzhen's real estate institute says the average price in May for new homes dropped to about 19 thousand yuan per square meter, down over 6 percent month-on-month. But the price drop has been limited to small and medium sized apartments, while prices of large properties continue to rise.
In January to May, about 1.2 million square meters were sold, down 60 percent year-on-year. However, the figure in the pre-owned housing market has risen by almost 8 percent year-on-year in the same period. The institute suggests prices might drop further.
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