Shenzhen offers a luzurious alternative for people who think Hong kong lifestyles are too cramped and expensive
Shenzhen's luxury home market is on a roll. The economy is booming, the population's profile is improving, and a new wave of optimism is being generated by the opening of the city's services industry under the Closer Economic Partnership Arrangement (CEPA) with Hong Kong.
Real estate agents are talking about a structural improvement in the market that could run for another decade.
Driving this is the simple fact that Shenzhen is increasingly being seen by outsiders -- both mainlanders and Hongkongers -- as offering the best value-for-money lifestyle in southern China.
For Hong Kong residents, the attraction is obvious. Just an hour away from Central, areas like the Futian district offer apartments for a fraction of the price and many times the size of what they are accustomed to in Hong Kong.
More professionals are following the trail blazed by manufacturers in seeking their fortunes across the border. Developers obviously see them as the next wave of demand for luxury homes in the city. Currently, they make up about 10 per cent of all transactions, but that is expected to grow as the two cities further integrate their economies.
It's not just from the south that Shenzhen is being invaded by property buyers. Agents are also talking about an increasing number of rich investors from northern China, attracted by the booming economy, ease of access to Hong Kong, and a cleaner and greener environment.