Core Insights - The new housing policy in Shenzhen, implemented in early September, has had a short-term positive impact on the real estate market, particularly during the National Day holiday, but overall transaction volumes remain under pressure compared to last year [2][7][9]. Market Performance - During the National Day holiday (October 1-8), Shenzhen's first-hand residential registrations reached 183 units, a year-on-year increase of 25.34%, but a month-on-month decrease of 52.09% [2][3]. - The second-hand residential market showed a significant decline, with only 73 units registered, marking a 93.71% drop month-on-month and a 71.71% decrease year-on-year [2][3]. - The overall transaction volume for September was higher, with a total of 7,633 units registered, reflecting a 20.7% month-on-month increase and a 38.3% year-on-year increase [9]. Consumer Behavior - Despite the new policy and promotional activities during the holiday, consumer sentiment remains cautious, with many potential buyers preferring leisure activities over house hunting [10]. - The market is experiencing a shift in buyer behavior, with a notable decrease in foot traffic to sales offices compared to previous years [10]. Market Dynamics - Real estate agencies reported varying degrees of growth in transaction volumes during the holiday, with some agencies noting a 131% increase in first-hand residential contracts and a 22% increase in second-hand contracts [4][5]. - The market is expected to face downward pressure in the fourth quarter, as the demand that was released in September may not sustain [9][12]. Promotional Strategies - Many real estate agencies are employing aggressive marketing strategies, including "zero down payment" offers and commission rebates, to attract buyers [6]. - Various promotional events and activities were organized during the holiday to enhance buyer engagement and provide information on real estate policies [6].