What are the highlights of the real estate market?, Multiple second tier cities have lifted purchase restrictions
On September 19th, Wuhan lifted the housing purchase restriction policy within the Second Ring Road to meet the rigid and improved housing needs of residents.
Recently, second tier cities such as Nanjing, Suzhou, Jinan, Qingdao, Shenyang, and Dalian have also announced the lifting of purchase restrictions. The reporter recently visited sales offices and real estate intermediary markets in multiple second tier cities and found that policies are constantly being optimized and adjusted, releasing more demand for home purchases. In some areas, the number of real estate visits and transactions has increased. Experts believe that as time goes by and policies gradually take effect, the real estate market is expected to become more active.
Partial second tier cities have lifted purchase restrictions, supplemented by supporting policies
Since September, more than ten cities including Shenyang, Nanjing, Jinan, Zhengzhou, and Hefei have announced the cancellation of purchase restrictions. On September 3rd, the Shenyang Real Estate Bureau and five other departments in Liaoning Province jointly issued a notice on further supporting the demand for rigid and improved housing, which clearly stated the cancellation of the purchase restriction policy within the second ring road and the cancellation of the restriction period for housing sales, in order to meet the housing needs of residents. On September 7th, the latest measures to promote the development of the real estate market in Nanjing, Jiangsu Province proposed that purchasing commercial housing within the four districts of Xuanwu District, Qinhuai District, Jianye District, and Gulou District no longer requires a purchase certificate. Therefore, Nanjing has completely lifted the purchase restrictions. On September 11th, Jinan and Qingdao in Shandong Province successively adjusted their housing purchase policies and abolished the existing purchase restrictions in the real estate market.
The reporter found that many cities have further optimized their purchase restrictions based on the previous policies. For example, Nanjing lifted purchase restrictions in non core areas such as Jiangbei New Area, Jiangning, Qixia, Yuhuatai, and Liuhe last year; Jinan City also lifted regional purchase restrictions except for Shizhong District and Lixia District last year.
In addition to lifting purchase restrictions, some cities have also introduced relevant supporting policies from the perspective of reducing the burden on rigid and improving groups in purchasing houses. Zhengzhou City has proposed that for residential families who purchase commercial housing with loans, the minimum down payment ratio for commercial personal housing loans for their first home should be uniformly adjusted to not less than 20%, and the minimum down payment ratio for commercial personal housing loans for second homes should be uniformly adjusted to not less than 30%. Nanjing City has proposed that some regions will provide subsidies for the purchase of new commercial housing between August 1 and December 31, 2023, with a subsidy standard not less than 1% of the total contract price. On the basis of enjoying the subsidy for purchasing a new house, for those who sell their own housing and purchase new commercial housing of more than 90 square meters, an additional subsidy of no less than 0.5% of the total contract price shall be given.
The market has rebounded slightly, and subsequent expectations are relatively stable
The intensive implementation of real estate policies has boosted market sentiment, and many real estate marketing centers in cities where purchase restrictions have been lifted have seen a rebound in visitor traffic. At a real estate marketing center in Huanggu District, Shenyang City, a sales consultant told reporters that the property is located within the first ring road of Shenyang urban area and belongs to the area where purchase restrictions have just been lifted. The number of customer visits last weekend was higher than the average data last month, and the market has rebounded. The reporter saw that some real estate projects have also launched preferential measures such as "New Owner Lottery", "Special Price Housing", and "10000 yuan for 100000 yuan for free home decoration", preparing to seize the opportunity and further increase sales in the "Golden September and Silver October".
The same situation has also occurred in Nanjing, where many sales offices in areas such as Hexi New City, Southern New City, and Jiangbei New Area have seen a significant increase in the number of visitors, with many properties visiting one or two hundred groups of customers in a day. Wang Bo, a resident looking at a real estate in Yuhuatai District, told reporters that the policy introduced by Nanjing this time is very timely, lifting purchase restrictions and providing subsidies for home purchases. He plans to sell his old house and buy a new house of over 90 square meters, which can enjoy a 1.5% housing subsidy, equivalent to saving some renovation costs.
In the second-hand housing market, some intermediary agency staff have stated that second-hand housing sales are also recovering. "In the previous customer transactions we took a look at, new houses accounted for the absolute mainstream. Recently, the consultation volume of second-hand houses has increased by more than 30%." A real estate agent in Jinan told reporters that because the process of buying second-hand houses is slightly longer, it is expected that this wave of buying small peaks will be reflected in the transaction data within half a month to a month.
Jiang Haiqin, Deputy Director of the Nanjing Housing Security and Real Estate Bureau, said that since the introduction of the new policy, from a data perspective, the daily transaction volume of commercial housing, the number of new customers for second-hand housing, and the number of visitors in Nanjing have all increased, and the market activity has improved.
Some industry insiders believe that with the optimization and adjustment of relevant policies, the real estate market will accelerate its recovery, but there will basically be no significant increase in heat. Li Huanli, the market manager of Siyuan Real Estate Shandong Company, a real estate marketing service agency, said that the customer group with improvement needs is currently the main force of homebuyers. This group has a more rational purchasing mentality, and the transaction volume of new and second-hand houses will increase in the short term, but the overall popularity will remain stable.
Implementing policies based on the city, more cities are expected to follow up, optimize and adjust supply and demand relationships
Chen Wenjing, Director of Market Research at Zhongzhi Research Institute, stated that optimizing the purchase restriction policy is conducive to releasing more housing demand and further repairing local market expectations. In the future, second tier cities may continue to optimize the real estate policies introduced during the past period of market overheating, further relax purchase restrictions, and it is not ruled out that more second tier cities will follow suit and completely cancel purchase restrictions.
"Recent policy changes such as recognizing a house but not a loan, reducing the down payment ratio, and lifting purchase restrictions have played a role in reducing the threshold and cost of purchasing a house." Professor Li Tiegang from the School of Economics at Shandong University believes that this is helpful in stimulating effective market demand, and it is expected that most cities will introduce new credit policies. At the same time, various regions will also follow the principle of implementing policies based on the city, make good use of policy toolboxes such as finance, finance, and credit, and further optimize and adjust relevant real estate policies according to the local real estate market situation and regulatory needs.
Xu Chuanming, Deputy General Manager of Hefu Brilliant Shandong Company and President of Yihe Industry Research Institute, said that from the current situation of the real estate market, the real estate market is gradually recovering. With the introduction of more optimization and adjustment policies in various regions, market expectations will be further boosted.
Several industry insiders also stated that in the future, multiple measures need to be taken simultaneously, and supply and demand should be synchronized. While reducing interest rates and taxes, encouraging developers to set reasonable prices and promote discounts, more efforts should be made on the income and employment sides of residents to stabilize their expectations and promote the stable development of the real estate market.
