December 7thChina Index Research Institute released the report "China's Real Estate Market 2023 Summary & 2024 Outlook"., a review of the real estate market over the past year and an outlook on market trends for the coming year. The report statesThe policy environment of the property market in 2023 is close to the most relaxed stage in 2014However, factors such as weak residents' income expectations and housing price expectations are still restricting the pace of market recovery. It is expected that in 2024, the restrictive policies introduced in the overheating stage of the market are still expected to continue to be optimized and adjusted, and there is room for policies at both ends of supply and demand.
First, the report analyzes the policy environment for the real estate market in 2023. The policy environment in 2023 is relatively loose compared to previous yearsIn particular, the central bank has cut the reserve requirement ratio and interest rates many times, and there is a certain degree of easing on the market capital. In addition, a series of policies and measures to promote the stability of the real estate market have also been introduced, including optimizing the provident fund policy, reducing the down payment ratio, and adjusting the purchase restriction policy. The introduction of these policies has had a certain positive effect on market sentiment, but the actual effect still needs time to be observed.
However, the weakness of residents' income expectations and the persistence of housing price expectations** still have a restraining effect on the pace of market recovery. This is mainly because the adjustment cycle of the real estate market is long, and it is difficult for short-term market fluctuations to change people's housing demand and behavior in a short period of time. In addition, this negativity has also made some home buyers take a wait-and-see attitude and are reluctant to make a decision to buy a house in the short term.
For the market outlook for 2024, the report predicts that the restrictive policies introduced during the overheating phase of the market are still expected to continue to be optimized and adjusted. This includes measures such as lowering the down payment ratio for second homes in first-tier cities, lowering mortgage interest rates, optimizing the criteria for identifying ordinary houses, and reducing transaction taxes and fees. In addition, it is also possible for first-tier cities to optimize suburban purchase restrictions in accordance with district-specific policies. The adjustment of these policies will help further activate the vitality of the market and promote the balance between supply and demand.
Overall, the report believes that the real estate market will still face certain challenges and opportunities in the coming year. For home buyers and investors, it is necessary to pay close attention to market dynamics and policy changes in order to seize the opportunity to get on the bus.
Leave a message in the comment area