Shenzhen Second-Home Cash Deals Rise to 25.3%; Units Under RMB 2 Million Take 44.7% Share

The property market continues to adjust, with a clear trend of buyers reducing leverage. Some cash-rich purchasers are trimming their budgets, shifting toward low-priced, owner-occupier homes and paying in full. Market data show that since 2024, the share of one-off payments for low-priced, rigid-demand homes in Shenzhen has risen year by year. In the first seven months of 2026, 24.4% of homes transacted at a total price of under RMB 3 million were paid in full, up 8.7 percentage points from the full-year 2024 level.

Another set of figures confirms the same trend. In the first half of 2026, cash transactions accounted for 25.3% of all second-hand home signings in Shenzhen, expanding 6.3 percentage points year on year. Among those cash deals, homes priced at or below RMB 2 million made up as much as 44.7%. This indicates that, as the market continues to bottom out, some buyers are proactively lowering leverage and choosing properties with lower total prices and lighter payment burdens to complete their transactions.