STATISTICS show that more homebuyers in Shenzhen are buying apartments for personal use rather than speculation, according to data provided by the Centaline Group.

Specifically, 74.4 percent of pre-owned apartments were sold over the past six months for personal use, compared with 73.7 percent during the same period last year, and the ratio of buyers who intend to make a profit by investing in property has decreased to 25.6 percent.

Transaction information on websites like Ganji.com and 58.com also indicates the cooling of pre-owned home speculation. Investors have shown signs of leaving the market and more housing is being used as personal residences, the Shenzhen Economics Daily reported.

“Our survey showed most clients who have purchased two-bedroom apartments live in them, and the majority of them are young people,” said a store manager in Longgang Central City, adding that people who were buying their first homes thought the down payment of 30 percent seemed reasonable.

Longgang District is still the area with the most pre-owned home transactions over the past six months, accounting for 25 percent of the city’s total. In terms of area, apartments of 60 to 90 square meters occupy 48 percent of the total market.

Over the past six months, 29,000 pre-owned apartments were sold, covering approximately 2.48 million square meters. The number of homes, and the total area, traded so far this year equals about one-third of the total in 2016, while the average price of pre-owned homes has been almost stagnant at 56,156 yuan per square meter (US$8,258).

Compared to the same period last year, transactions have decreased by 51 percent, while compared to the previous six months, it has decreased by 21 percent. The figures imply that transaction volume has been declining, a result of the government’s adjustment and control policies. (Lei Kaibin)