Beijing's housing purchase restriction policy was optimized again. On April 30, the Beijing Municipal Commission of Housing and Urban Rural Development issued the Notice on Optimizing and Adjusting the City's Housing Purchase Restriction Policy, which proposed that on the basis of implementing the existing housing purchase restriction policy, households who already own houses up to the number of purchase restrictions are allowed to purchase a new house outside the Fifth Ring Road. This also means that Beijing has implemented the housing purchase restriction policy for 13 years since 2011, ushering in the first adjustment.
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The Notice proposes that the following resident families (including both husband and wife and minor children, the same below) or adult single persons are allowed on the basis of the implementation of the existing housing purchase restriction policy from the next day after the issuance of this Notice, One new commercial housing purchased outside the Fifth Ring Road (including new commercial housing and second-hand housing):
First, households with household registration in Beijing (including families of active servicemen and armed police forces stationed in Beijing, and families with valid Beijing Work and Residence Permit) have two housing units in Beijing;
Second, adult single people with household registration in Beijing who have owned a house in Beijing;
Third, non resident families or adult single persons who have paid social insurance or individual income tax in Beijing for more than five consecutive years have owned a house in Beijing.
Among them, the resident families or adult single persons who newly purchased commercial housing is located in Tongzhou District (excluding Taihu and Majuqiao areas) must also be registered in Tongzhou District, or have labor relations with enterprises registered or operated in Tongzhou District, and with party and government organs, enterprises and institutions that have been relocated to Tongzhou District.
In this regard, Zhang Dawei, chief analyst of Centaline Real Estate, believes that Beijing's policy is very strong, which is the eighth easing policy in Beijing in the last six months, and the strength is equivalent to giving all those who meet the purchase restrictions the right to buy a house again.
According to the statistics of Zhongyuan Real Estate Research Institute, about 80% of the new commercial housing sales in Beijing are currently concentrated outside the Fifth Ring Road. At present, 81.4% of the new commercial housing inventory is outside the Fifth Ring Road, and about 70% of the second-hand housing is outside the Fifth Ring Road.
"This policy is good for properties in Beijing suburbs, especially for improved properties. After the restrictions on purchase are loosened, it is expected to boost the turnover of these regional markets," said Zhang Dawei.
Zhang Dawei pointed out that Beijing's real estate regulation is still the most stringent in the country. After Beijing released the restrictions on purchase outside the Fifth Ring Road this time, it is expected that other first tier cities will be synchronized recently. It is a trend that the follow-up national policies will continue to be relaxed. In the last two days, more than 11 cities across the country have introduced various housing purchase support policies, and it is expected that there will be a round of policy easing in the country recently.
In an interview with the Securities Times reporter, Guo Yi, the chief analyst of Asus, also believed that the easing of Beijing's purchase restriction policy was a large-scale easing based on Beijing's previous rounds of small purchase restriction policy easing. From the market perspective, because the area outside the Fifth Ring Road is still the area with high inventory of new houses in Beijing, the overall inventory outside the Fifth Ring Road is about 62000 sets, accounting for 81% of the total inventory of new houses, and the number of second-hand houses outside the Fifth Ring Road is also 80% high. The targeted easing of purchase restrictions will first benefit some areas outside the Fifth Ring Road of the main city. With the impact of the continuous effect of the policy, it will drive the improvement of market expectations, and also affect some families who just need to improve their choices to accelerate their home purchases.
Zhang Hongwei, the founder of Jingjian Consulting, also believes that the three ways of targeted easing of purchase restrictions in the property market in Beijing are the first for the first tier cities in Beijing, Shanghai and Shenzhen to relax their purchase qualifications and destocking policies in the suburban property market. It is expected that similar policies in Shanghai and Shenzhen will be implemented soon.
According to the statistics of Centaline Real Estate Research Institute, Beijing has issued eight policies since the second half of 2023: on September 1, 2023, Beijing implemented the policy of "recognizing houses rather than loans"; On December 14, 2023, the down payment ratio of Beijing's first housing will drop to 30%; On February 6, 2024, the policy of "double restrictions" in Tongzhou District of Beijing will be loosened; On March 27, 2024, Beijing will cancel the restriction of "Divorced families cannot buy houses within three years"; On April 8, 2024, the maximum amount of Beijing provident fund loan can rise by 400000 yuan; On April 17, 2024, the loan life of the old residential housing provident fund after purchase and reconstruction will increase; On April 22, 2024, the first house loan policy will be implemented for the applicants who have been divorced for less than one year, if their families do not have complete sets of houses in Beijing; On April 30, 2024, Beijing will relax the purchase restrictions outside the Fifth Ring Road.![]()