(Yicai) Sept. 18 -- Shenzhen, one of China's four first-tier cities, has seen its property market rebound after relaxing home-buying restrictions in non-core areas, with more out-of-town buyers entering the market.

Some 589 new homes were sold in Shenzhen in the seven days ended Sept. 14, up around 17 percent from the previous week, while 1,554 second-hand homes changed hands, a 15 percent increase, according to data released by local institutions.

On Sept. 5, Shenzhen announced that residents can buy an unlimited number of homes in all areas of the city except in Futian and Nanshan districts and the Xinan area of Bao'an district from the following day, while non-residents can purchase up to two homes.

Luohu district, adjacent to Hong Kong, saw the biggest increase in home buying, with sales jumping more than 25 percent and viewer numbers soaring 29 percent between Sept. 6 and 14 from the previous nine-day period, according to data from Leyoujia Research Center.

A resident of Chengdu recently bought a home in a new residential development in Luohu, Luo Jialiang, the project’s sales director, told Yicai. The person has a business in Shenzhen and could previously only rent, but he decided to buy following the new policy, because even if he does not settle in the city, the property can be easily sold, Luo noted.

The number of viewings at the project has surged by about 40 percent since the new policy was implemented, Luo said, adding that sales jumped around 30 percent from a year earlier, with out-of-town buyers accounting for 10 percent to 15 percent.

Many non-residents have consulted Zeng Haijuan, marketing director of Shenzhen Zhongyuan's new property sales department, about buying homes in the city, including some from nearby Dongguan and farther afield Changsha, she said. They want to have a local place to live, but also hope the property appreciates in value, she pointed out.

“A person from Dongguan bought a property in Luohu to serve as a place for his children to stay occasionally and for the parents to be close to them when they pursue an education in neighboring Hong Kong,” Zeng noted. These out-of-town buyers are optimistic about the city's urban development and geographical advantages, which not only provides convenience for living but also offers investment returns, she added.

The real estate market in other districts of Shenzhen is not as eye-catching as that in Luohu following the policy shift, but viewings and sales have still increased to varying degrees.

Although home-buying restrictions in downtown Futian were not lifted, they were relaxed, a sales director at a local project told Yicai, adding that this has led to the number of viewers at the development jumping about 10 percent.

As market perception changes, many developers in Shenzhen are actively preparing to launch new projects to take full advantage of the new policy and the traditional peak sales season this month and next.

A residential project with over 300 units in Luohu, where the supply of new homes is relatively scarce, will open at the end of this month, Zeng said. Due to its small size, the project will likely sell well, so the developer is unlikely to offer many promotions, she added.

"Since our project has sold well after the new policies rolled out, we don't need to offer additional promotions," Luo pointed out.

Editors: Tang Shihua, Martin Kadiev