实探丨深圳商务公寓成交增多，二手房成交继续回温

Core Viewpoint - There is a noticeable shift in the perception of non-residential properties, particularly business apartments, among homebuyers, driven by recent policy changes and market dynamics [1][4]. Group 1: Market Dynamics - The People's Bank of China has lowered the minimum down payment ratio for commercial property loans to 30%, which is expected to stimulate demand [1]. - Recent data from the Shenzhen Shell Research Institute indicates a simultaneous increase in the transaction share of non-residential properties in both new and second-hand markets, with new non-residential transactions projected to reach 31.4% by 2025, a year-on-year increase of 3.8% [4]. - The transaction volume of business apartments in Shenzhen has shown significant growth, with the top-selling project, Xinghe Tiandi Pavilion, recording 489 signed contracts, indicating high market acceptance [5]. Group 2: Buyer Preferences - There is a growing preference among buyers for small-sized business apartments that are suitable for self-use or rental, as they offer lower entry costs and higher rental yields [4]. - The rental yield for certain business apartments has exceeded 3%, which is significantly higher than the current interest rates for three-year fixed deposits [4]. - Despite the positive trends, high transaction tax costs and loan restrictions remain barriers for many potential buyers, who are hoping for further adjustments in tax policies [5]. Group 3: Inventory and Pricing Trends - The market is currently facing high inventory levels and extended absorption periods for commercial properties, leading to significant price declines in second-hand business properties [7]. - The second-hand housing market in Shenzhen has shown resilience, with transaction volumes stabilizing above the 5,000 units per month threshold since March 2025, indicating a return to a more active market [8]. - The total listing volume for second-hand homes has increased by 16.5% over the year, although the growth rate has slowed compared to the previous year, suggesting a trend towards rational market balance [9].