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Core Viewpoint - The Shenzhen real estate market is experiencing a phase of stabilization after a period of low adjustment, with changes in market structure becoming evident [2] Group 1: Market Performance - In 2025, the total number of residential transactions in Shenzhen is expected to be approximately 94,000 units, a year-on-year decrease of 9%. The first-hand residential transactions are projected at 37,879 units, down 22% year-on-year, while second-hand residential transactions are expected to reach 56,217 units, an increase of 3% year-on-year [2] - The average transaction price for second-hand residential properties in Shenzhen is estimated to be around 59,000 yuan per square meter in 2025, reflecting a year-on-year decline of about 6% [4] - The average area of second-hand residential transactions has increased from 89 square meters in 2021 to approximately 100 square meters in 2025, while the average total price has decreased from 6.73 million yuan to 5.88 million yuan [4] Group 2: Buyer Behavior - There is a notable trend of buyers in the mid to high price range upgrading to larger and more expensive properties, with some high-end second-hand residential prices stabilizing or even slightly increasing [5] - The new generation of high-income individuals, particularly those born in the 1990s, is becoming a significant support for the high-end market, accounting for 31% of transactions for properties priced over 10 million yuan [7] Group 3: Future Outlook - Analysts predict that while transaction volumes have likely bottomed out, price adjustments are not yet complete, with expectations of continued slight declines in 2026 [8] - The recent policy changes, including a reduction in the minimum down payment for commercial property loans to 30%, are expected to provide initial support to the market, although the apartment market may not see a comprehensive recovery in the short term [10]