深圳跟进，一线城市集体再松绑

Core Viewpoint - Shenzhen has announced significant adjustments to its housing purchase restrictions, following similar moves by Beijing and Shanghai, indicating a broader trend of policy relaxation in major cities to stimulate the real estate market [1][4][18]. Policy Adjustments - From September 6, 2025, residents with Shenzhen household registration and non-residents with over one year of social insurance can purchase an unlimited number of homes in specific districts, while non-residents without social insurance are limited to two homes in designated areas [1][5][10]. - The areas with relaxed restrictions include Luohu, Bao'an (excluding Xin'an Street), Longgang, Longhua, Pingshan, and Guangming, while Yantian and Dapeng New District have no purchase limits [6][10]. Comparison with Other Cities - Compared to Beijing and Shanghai, Shenzhen's relaxation of purchase restrictions is more extensive, with a narrower focus on limited areas and lower social insurance requirements [2][13]. - In Beijing, restrictions remain for those without social insurance, while Shanghai has similar limitations, whereas Shenzhen allows non-residents without social insurance to purchase homes in several districts [13][14]. Market Impact - The collective easing of restrictions in major cities is expected to boost market confidence and potentially lead to a recovery in housing transactions during the "Golden September and Silver October" period [4][18]. - Historical data suggests that previous policy relaxations in 2024 led to increased transaction volumes in both new and second-hand housing markets, indicating a positive correlation between policy adjustments and market activity [3][15][18]. Future Outlook - The ongoing policy changes are anticipated to enhance market sentiment, particularly in core first- and second-tier cities, while other cities may experience a slower recovery [20]. - The upcoming months are expected to see an increase in housing supply and marketing efforts, which may contribute to a gradual recovery in overall transaction volumes, albeit with limited growth due to existing consumer confidence issues [20].