Although housing prices aren't exactly bouncing back, sales volumes around the country have started to increase and breathe some life back into the sector.

Figures from Shenzhen's Land and Real Estate Bureau show that as major commercial banks have come out with detailed policies on cuts in taxes, mortgage rates and down payments, transactions of new properties have exceeded 130 units every day in the city. And second-hand home transactions have stabilized at 150 units a day, three times the volume in October.

Real estate agencies say most potential homebuyers are first-time buyers or owners of small apartments, hoping to buy bigger apartments to improve their living conditions.