Core Insights - The Shenzhen real estate market is experiencing a significant increase in new housing supply, with 37 new pre-sale projects and a total of 13,669 residential units launched in Q3 2025, marking a 28.9% increase quarter-on-quarter and a 32.2% increase year-on-year [1] - Despite the surge in supply, the pre-sale residential registration volume has decreased by 32.7% quarter-on-quarter and 35.6% year-on-year, indicating a slowdown in market absorption [2] - The average pre-sale price of residential units in Shenzhen has risen to 50,896 yuan per square meter, reflecting a 4.7% increase from the previous quarter [2] New Housing Supply - In Q3 2025, 34 of the 37 new projects included residential units, with a total supply of 11,430 units, representing a 41.0% increase quarter-on-quarter and a 46.9% increase year-on-year, the highest proportion of residential units in two years [1] - The Bao'an district leads in new residential supply with 2,407 units, accounting for 21.1% of the total, followed by Longgang (20.6%), Guangming (17.1%), and Longhua (13.1%), together contributing over 70% of the new housing supply [1] Pre-sale and Current Sale Market - The pre-sale residential registration volume for Q3 2025 was 4,401 units, showing a significant decline, while the current sale market remained stable with 3,478 units registered [2][4] - The highest pre-sale prices were recorded in Futian (97,000 yuan/sqm) and Nanshan (89,000 yuan/sqm), with several districts experiencing price increases, indicating ongoing value release in certain areas [4] Hot Selling Properties - The top 10 pre-sale residential projects in Q3 2025 were dominated by Longhua and Guangming, with key projects noted for their affordability and high cost-performance ratio, appealing to buyers [5] - Notable low-priced projects include the Runzhen Garden at 34,000 yuan/sqm and Tianjian Heyuefu at 25,000 yuan/sqm, reflecting a market trend favoring value-oriented purchases [5] Second-hand Market - The second-hand residential registration volume reached 13,377 units in Q3 2025, down 10.4% quarter-on-quarter but up 15.6% year-on-year, indicating resilient market demand despite a decline [7] - Longgang continues to lead in second-hand registrations with 3,193 units, followed by Futian (2,183 units) and Nanshan (2,046 units), although most regions saw a decline in registration volume [8] Market Trends - The Shenzhen real estate market in Q3 2025 is characterized by a "supply explosion" in new homes and a stable yet pressured second-hand market, with a diverse selection of new homes available, particularly in Longhua and Guangming [10] - Buyers are advised to consider the maturity of regional amenities and price rationality in the second-hand market, while the future market direction will depend on policy adjustments and supply-demand dynamics [10]