The Tongzhou property market, which has been implemented for nearly nine years and is known as the strongest "double limit", has finally ushered in a loosening. The Beijing Municipal Commission of Housing and Urban-Rural Development and Tongzhou District announced on February 6 that from now on, four types of families who are qualified to buy houses in Beijing can buy a commercial house in Tongzhou. The biggest change in the new policy is that families who have settled and worked in Tongzhou District can be settled and employed in Tongzhou District, as long as they meet Beijing's overall purchase restriction policy, and the requirement of three years of settlement, social security or tax payment has been abolished.
Screenshot of the official website of the Beijing Municipal Commission of Housing and Urban-Rural Development.
Households settled and employed are no longer "double limited".
According to the new policy after the adjustment, four types of families who are qualified to buy houses in Beijing can purchase one commercial house in Tongzhou.
The first category of Beijing homeless families, which has not changed compared with before, can still buy 1 commercial house in Tongzhou.
The second category of Beijing families who already have one house and are registered in Tongzhou will no longer be subject to the time limit of three years or more after the adjustment, and can purchase another set of commercial housing in Tongzhou as long as they meet the purchase restriction policy of Beijing.
The third category of Beijing families who already have one house in Beijing and whose household registration is not in Tongzhou but work in Tongzhou District will no longer need social security or tax payment for three years after this adjustment, and as long as the labor relationship is in Tongzhou, they can buy another commercial house.
The fourth category of non-Beijing families who do not have a house in Beijing has also canceled the restrictions on paying social security or individual income tax in Tongzhou in the past three years, as long as the labor relationship is in Tongzhou and meets the purchase restriction policy of Beijing, they can buy one commercial house in Tongzhou.
Tongzhou's "double purchase limit" began in 2015. Since August 2015, Tongzhou has implemented the strictest "double limit" policy, that is, in addition to complying with Beijing's purchase restriction policy, a Beijing family with a house needs to be registered in Tongzhou for more than three years or pay social security or taxes in Tongzhou before they can buy a house in Tongzhou; In addition to paying social security or taxes for five consecutive years, non-Beijing families need to pay social security or taxes in Tongzhou within three years before they can buy a house in Tongzhou.
Gao Yuan, president of Beijing Lianjia Research Institute, said that the "double limit" policy has played a good role in stabilizing the market in a specific historical period, especially in the period of overheated transactions and continuous trading, and such restrictive measures have obvious practical significance. However, from the current reality, the supply and demand relationship of the national commercial housing market has undergone major changes; Specific to Tongzhou District, in recent years, with the continuous acceleration of the construction of sub-centers, the continuous relocation of enterprises and the continuous expansion and upgrading of residential demand in Tongzhou, it is necessary to adjust the "double purchase limit" policy in Tongzhou District, so as to promote the regional job-housing balance and the high-quality development of the sub-center.
It is reported that Tongzhou's "double limit" has been adjusted once before, and the Taihu and Majuqiao areas have been lifted because they are under the management of the Beijing Economic and Technological Development Zone. After the adjustment, Taihu and Majuqiao are classified as areas planned and managed by the Economic Development Zone, and are no longer subject to the above-mentioned "double limit", but the purchase restriction policy commonly implemented in other areas of Beijing, that is, Beijing families can own 2 houses, and non-Beijing families can own 1 house for social security or tax payment for five consecutive years.
Gao Yuan said that the policy adjustment is precise and reasonable, and the follow-up impact can refer to the situation after the adjustment of the zoning of Taihu and Majuqiao areas in November 2022 and the lifting of the "double restrictions". After the introduction of the policy, the transaction volume of second-hand housing in Taiwan and Malaysia has increased, the speed of new housing sales has been significantly accelerated, and the average transaction price has remained generally stable after the policy has been introduced, and the market is expected to recover moderately, and the fluctuation range is in a reasonable operating range. In the short term, due to the Spring Festival holiday, the relaxation of restrictive policies has a relatively limited stimulating effect on the market, but in the long run, it has a positive effect on the natural recovery of the market in the future.
Market volume is expected to grow.
Zhang Dawei, chief analyst of Centaline Real Estate, said that the current situation of the property market in Tongzhou in recent years, before the "double limit", the annual transaction volume of the Tongzhou market was basically more than 10,000 sets, accounting for more than 15% of the city, and after the opening of the "double limit" in 2015, the transaction volume of the Tongzhou market has been sharply reduced, and the transaction volume has basically remained at about 5,000 sets, accounting for only about 7% of the Beijing market, that is, the impact of the double limit on the Tongzhou market is basically the volume of transactions halved.
Zhang Dawei said that according to the current annual residential transaction volume of 4,000-5,000 units in Tongzhou, after the cancellation of the "double purchase limit", the market transaction volume in Tongzhou is expected to increase by more than 50%, accounting for more than 10% of the transaction volume in the Beijing market, and the annual transaction volume is expected to reach more than 8,000 units.
In Zhang Dawei's view, although the cancellation of Tongzhou's "double limit" will not lead to a sharp rise in the market, this policy is expected to affect the significant amplification of Tongzhou's trading volume, and there is also a great possibility that the follow-up purchase restriction policy will continue to fine-tune, and on the whole, there is a great possibility that the market will be small after the Spring Festival in 2024.
Previously, Beijing's property market has undergone multiple rounds of optimization. On September 1, 2023, the Beijing Municipal Commission of Housing and Construction, the Beijing Branch of the People's Bank of China, and the Beijing Supervision Bureau of the State Administration of Financial Supervision jointly issued a notice that Beijing will implement the first home recognition standards issued by the three ministries and commissions from now on, that is, to implement the "recognition of housing without loans" throughout the city.
On December 14, 2023, the Beijing Municipal Commission of Housing and Urban-Rural Development and other five departments jointly issued the Notice on Adjusting and Optimizing the City's Ordinary Housing Standards and Personal Housing Loan Policies, adjusting the down payment ratio, loan interest rate, loan term, and recognition standards for ordinary housing loans for individual housing loans.
Purchase restrictions in many places have been relaxed.
With the implementation of Beijing's policy, the easing signal sent by the relaxation of purchase restrictions in first- and second-tier cities is stronger than before.
On January 27, the General Office of the Guangzhou Municipal People's Government issued the "Notice on Further Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in Guangzhou", which clarified that within the scope of the purchase restriction area, the purchase of housing with a construction area of more than 120 square meters (excluding 120 square meters) is not included in the scope of purchase restrictions.
As early as September 2023, Guangzhou will optimize the housing purchase restriction and VAT exemption period, and the three districts of Panyu, Huangpu and Huadu, which originally implemented the purchase restriction policy, will officially relax the purchase restrictions, and the VAT exemption period for second-hand housing will be changed from "five years to two years".
On January 30, Shanghai optimized the housing purchase restriction policy to support single people who are not registered in the city to buy houses. The policy is clear: from January 31, non-residents with household registration who have paid social insurance or individual income tax for five consecutive years or more in the city can purchase one house in areas outside the outer ring (except Chongming District), so as to better meet the reasonable housing needs of residents and promote the balance between jobs and housing and the integration of industry and city.
Compared with Shanghai, Suzhou is more relaxed. On January 30, Suzhou completely canceled the purchase restriction, and the purchase qualification of buying a house is no longer reviewed, but the new house sales restriction policy is still two years. This is another relaxation of the purchase restriction policy since September 2023, when Suzhou City** proposed that "the purchase of commercial housing of 120 square meters and above will no longer be subject to the qualification review of house purchases".
In the view of Yan Yuejin, research director of the E-House Research Institute, systematically combing the policies since January this year, in addition to the characteristics of easing, it is also necessary to see that all localities have generally adjusted the overheating period of 2015-2017, which fully shows that all localities are actively optimizing and adjusting policies. For some other cities such as Shenzhen, it is expected that there will also be relaxation and adjustment of purchase restrictions. (*Beijing Business Daily).
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Article**: Beijing Business Daily