Just when it was starting to look like China’s real estate market might finally be softening, Shenzhen has gone and posted record sales. New homes in the southern metropolis hit a record high last month, averaging RMB 27,942 ($4,543) per square meter, a 22 percent year-on-year increase and the sixth straight month of growth.

Shenzhen real estate continues to outpace China’s other major cities. The average selling price in China’s 100 major cities is just RMB 10,539 per square meter, an increase of 0.24 percent over the previous month. Shenzhen’s most expensive homes continue to be located close to Hong Kong in Luohu District, where real estate averages RMB 46,236 per square meter.

If you’re looking to settle down in Shenzhen and aren’t a homeowner, you may want to reconsider your long-term plans. According to Xie Yifeng, an expert with the National Real Estate Manager Alliance, the recent cuts to interest rates by the Bank of China will continue to push housing prices upwards. Xie argued that China’s real estate market faces three main risks going forward: high inventories of unsold apartments, high borrowing costs, and the high cost of land acquisition.