北京楼市限购再松绑，四大一线城市购房政策持续优化中

Core Insights - The four major first-tier cities in China—Beijing, Shanghai, Guangzhou, and Shenzhen—are adjusting their housing purchase restrictions, which has garnered significant industry attention [1][3] - Guangzhou was the first to fully lift its purchase restrictions in September last year, leading to a notable increase in market activity, with a 9% year-on-year growth in second-hand residential transactions from January to July 2025 [1] - Beijing's recent policy adjustment allows eligible families to purchase an unlimited number of homes outside the Fifth Ring Road, aiming to stabilize the market and meet the housing needs of capable residents [1][3] Policy Adjustments - Beijing's housing policy changes are seen as a signal for potential further adjustments in other cities, with a focus on balancing market demand and preventing overheating [1][3] - In Shenzhen, non-resident buyers still need to provide proof of tax or social security contributions for a year in specific areas, while Shanghai has relaxed conditions for non-residents buying homes outside the outer ring but maintains stricter requirements for inner ring purchases [1][3] Market Dynamics - The area outside the Fifth Ring Road in Beijing has become a key player in the real estate market, accounting for over 80% of new residential sales and over 50% of second-hand sales from January to July this year [3] - The policy changes are expected to further activate the market outside the Fifth Ring Road and alleviate inventory pressures in high-stock areas [3] - Future adjustments in Shanghai and Shenzhen are anticipated, with an emphasis on increasing housing fund support and addressing the needs of specific demographics, such as single young adults and residents of older communities [3]