北京楼市政策优化有重要信号意义丨李宇嘉专栏

Core Viewpoint - Beijing has optimized its real estate purchase policies, allowing residents to buy unlimited properties outside the Fifth Ring Road, aiming to reduce housing inventory and stabilize market expectations [1][2]. Policy Changes - The new policy allows Beijing residents and non-residents who have paid social insurance or individual income tax for at least two years to purchase unlimited properties outside the Fifth Ring Road, compared to previous restrictions of two properties for residents and one for non-residents [1][2]. - The aim is to activate potential demand for multiple properties, such as for elder care, children's education, and improved living conditions due to job relocations [2]. Market Conditions - As of June, the new housing price index in Beijing fell by 0.3% month-on-month and 4.1% year-on-year, while the second-hand housing price index dropped by 1% [2]. - New housing inventory stood at 9.818 million square meters, a year-on-year decrease of 8.2%, with a de-stocking cycle of 15 months, predominantly located outside the Fifth Ring Road [2]. Public Fund Policy Adjustments - The new policy broadens the criteria for first-time homebuyers using public funds, allowing those with one cleared loan to qualify as first-time buyers, and increases the loan limit for second homes from 600,000 to 1 million yuan [3][4]. - The loan coefficient for public fund contributions has increased, allowing borrowers to access more funds with shorter contribution periods [4]. Implications for Housing Demand - The adjustments aim to lower the barriers and costs of home purchases, thereby stimulating potential demand, especially among first-time buyers and families looking to upgrade their living conditions [4][5]. - The policy reflects a shift towards more targeted measures to activate the housing market's internal dynamics, focusing on supporting green building development and families with multiple children [5].