Housing purchase restrictions are being phased out of the market.
On April 28, according to the WeChat public account "Chengdu Housing and Construction", Chengdu City, Sichuan Province issued a notice to further optimize the real estate market policy, which will be officially implemented from April 29, 2024.
The notice makes it clear that the city-wide housing transactions will no longer review the qualifications for house purchases, that is, the city-wide housing transactions will no longer review the household registration, social security and other housing purchase conditions, and will no longer limit the number of units purchased. At the same time, the city's commercial housing projects will no longer implement notarized lottery selection, and will be sold by enterprises independently.
This also means that Chengdu has become another city that has fully liberalized housing purchase restrictions after Wuhan, Hefei, Nanjing, Changsha and other hot provincial capitals.
Chengdu's housing purchase restriction policy has been implemented for seven and a half years, and has been optimized several times before
Looking back at Chengdu's purchase restriction policy, it has been implemented for about seven and a half years. On October 1, 2016, Chengdu Municipal Housing Management Bureau and other departments issued the "Several Measures to Promote the Steady and Healthy Development of the Real Estate Market in Our City", which mentioned that Chengdu High-tech Zone, Chengdu Tianfu New District, Jinjiang District, Qingyang District, Jinniu District, Wuhou District, Chenghua District, Longquanyi District, Xindu District, Wenjiang District, Shuangliu District, and Pixian County can only purchase 1 new set of commercial housing (not limited to the purchase of second-hand houses).
On March 23, 2017, Chengdu issued the "Notice on Improving the City's Housing Purchase Restriction Policy", which included second-hand housing in the scope of purchase restrictions. Buyers who are required to purchase second-hand housing in areas with housing purchase restrictions shall meet the conditions for purchasing commercial housing, and can only purchase one new housing (including commercial housing and second-hand housing). In April of the same year, Chengdu Housing was restricted, and in November, Chengdu implemented the lottery policy for new houses, becoming the fourth city in the country after Shanghai, Nanjing and Changsha.
In 2018, Chengdu ushered in the upgrading of regulation and control, at that time, "70,000 people grabbed 1,000 suites, and the queue to buy a house stretched for several kilometers" and other news appeared in the newspapers, and many cities, including Chengdu, also ushered in interviews with the Ministry of Housing and Urban-Rural Development. The interview pointed out that effective measures should be taken to conscientiously implement the regulation and control objectives of stabilizing housing prices and rents; strengthening capital control, effectively reducing financial leverage, and guarding against market risks; vigorously rectifying and standardizing market order, strengthening the management of expectations and the guidance of public opinion, curbing speculation and speculation, and supporting and satisfying the rigid housing needs of the masses.
On the evening of May 15, 2018, after the interview, the Chengdu Municipal Government issued the Notice on Further Improving the Regulation and Control Policies of the Real Estate Market in Chengdu, which clearly adjusted the purchase restriction from natural persons to families; buyers whose household registration has moved to Chengdu for less than 24 months should have stable employment in Chengdu and pay social security for more than 12 consecutive months before they can purchase a new house; and parents who rely on adult children to enter the household shall not buy houses as a single family. At the same time, Chengdu will expand the scope of sales restrictions to the whole city, and the newly purchased commercial housing or second-hand housing in the city can only be transferred after 3 years of obtaining the real estate ownership certificate.
Since the second half of 2021, with the downward trend of the property market, real estate policies in various places have begun to loosen, and Chengdu is no exception.
In May 2022, Chengdu issued the "Notice on Supporting the Demand for Rigid and Improved Housing", relaxing the conditions for the recognition of purchase restrictions and no housing; in November, it optimized the regional purchase restriction and improved the notarization lottery ranking and selection of commercial housing; in December, it optimized and improved the purchase restriction policy again, and parents who took refuge in adult children can purchase a house in the restricted area corresponding to their household registration; in September 2023, Chengdu officially announced that the purchase restriction for housing of more than 144 square meters will be cancelled and the purchase restriction area will be adjusted. Sichuan Tianfu New Area, Chengdu High-tech Zone Southern Park, Jinjiang District, Qingyang District, Jinniu District, Wuhou District, and Chenghua District continue to implement housing purchase restrictions, unified into one purchase restriction area. Other areas will no longer review the qualifications for home purchases.
This time, Chengdu has made it clear that the city-wide housing transactions will no longer review the qualifications for house purchases, which also means that Chengdu will fully withdraw from the purchase restriction policy.
According to incomplete statistics from the Zhuge Data Research Center, since last year, as of April 28 this year, about 35 cities across the country have relaxed the purchase restriction policy, of which 22 cities such as Hefei, Kunming, Suzhou, and Changsha have fully relaxed the purchase restrictions.
The housing purchase restriction policy has been gradually withdrawn from the market, and only 7 cities except Hainan Province are still implementing purchase restrictions
Combined with the recent property market data, Chengdu's market transaction trend in March is the same as that of most cities in the country, with a sharp month-on-month rebound, but the heat is still not as hot as last year's Xiaoyangchun. According to the monitoring data of the Zhuge Data Research Center, in March 2024, 8,924 new commercial residences and 18,771 second-hand residences were transacted in Chengdu, down 41.9% and 33.4% respectively from the same period last year. Combined with the market leading indicator sentiment index established by the Zhuge Data Research Center, the current market sentiment repair situation is also temporarily unstable, and the Chengdu market sentiment index in March 2024 is -0.79, which is at the low level of the market wait-and-see range, down 0.05 from the previous month.
Guan Rongxue, a senior analyst at Zhuge Data Research Center, pointed out that from the perspective of policy trends, since the beginning of this year, the real estate market policy has generally continued to be loose, and the core first- and second-tier cities have become one of the significant features of the main force in loosening the purchase restriction policy.
According to the monitoring of the China Index Research Institute, as of now, in addition to Hainan Province, among the core cities, the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen, as well as the core areas of Hangzhou (new houses), Tianjin, and Xi'an, still maintain the purchase restriction policy.
Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, believes that the global withdrawal from purchase restrictions is a common choice of second-tier cities in recent times, and it is expected to cover other cities in the future. In the context of systematically planning policies to stabilize the property market, strengthening local main responsibilities, and the new housing market in the first quarter is less than expected, the local impetus to rescue the market is stronger.
At present, the purchase restriction policy in first-tier cities has also begun to loosen.
Guangzhou became the first city among the first-tier cities to relax the conditions for buying a house. At present, the purchase of houses with a construction area of more than 120 square meters (excluding 120 square meters) in Guangzhou within the scope of the purchase restriction area is not included in the scope of purchase restrictions.
In January this year, Shanghai optimized the housing purchase restriction policy to support non-Shanghai singles to buy houses, and from January 31, non-residents with household registration in Shanghai who have paid social insurance or individual income tax for five consecutive years or more can purchase one house in areas outside the outer ring (except Chongming District).
In February this year, Beijing optimized the purchase restriction policy of the Tongzhou property market, and the families who settled or worked were no longer "double restrictions". At the same time, the divorce purchase restriction policy will be further relaxed. The relevant staff of the Beijing Municipal Commission of Housing and Urban-Rural Development said, "Since March 27, the divorce purchase restriction policy will no longer be implemented. That is, buying a house after a divorce in Beijing is no longer subject to the number of years of divorce. In April, Beijing further optimized the property market policy, and applicants who have been divorced for less than a year will implement the first home credit policy if they do not have a complete set of housing in their name.
Shenzhen issued a new policy in February this year, limiting households with household registration (including those whose family members are residents of the city) to purchase two houses, and adult single persons with household registration (including divorced) to purchase one house, and abolishing the requirements for the number of years of settlement and the number of years of payment of individual income tax and social insurance.
In addition, the recent market news that after the "May Day" in Shenzhen, the purchase restriction policy in areas other than Futian and Nanshan will be canceled, and the value-added tax will be cancelled for 5 years, and the news that it will be exempted after 3 years will be exempted. The surging news through Shenzhen 12345 consultation, the Shenzhen Municipal Bureau of Housing and Urban-Rural Development said that the relevant policy information is subject to the official announcement of the Municipal Housing and Construction Bureau. The Municipal Housing and Construction Bureau will combine the actual situation of the real estate market, under the leadership of the Shenzhen Municipal Party Committee and the Municipal Government, and make good use of the policy toolbox according to the city's policies, so as to better meet the needs of residents for rigid and improved housing, and promote the steady and healthy development of the Shenzhen real estate market.
Source: The Paper WeChat public account
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