放宽非京籍购房条件 差异化下调社保门槛 北京以“创新”方式率先优化调整楼市政策

Core Viewpoint - Beijing is the first tier city to implement real estate optimization policies, aiming to stimulate housing demand through various measures including loosening purchase restrictions and optimizing credit policies [1] Demand Side Precision Relaxation - The policy adjusts the social insurance or personal income tax payment duration for non-local residents to 2 years for purchasing homes within the Fifth Ring and 1 year for homes outside the Fifth Ring, targeting long-term residents and their housing needs [2][3] - The demand release is characterized by a "layered approach," particularly benefiting new residents and families with children, which aligns with the gradual home purchasing pace of these groups [2][3] Market Structure Impact - The policy is expected to significantly benefit the market outside the Fifth Ring, where approximately 80% of new residential transactions occur, leading to increased visitor numbers and transaction volumes for new homes [3] - Targeted support for families with multiple children allows for an additional home purchase within the Fifth Ring, enhancing the demand for larger homes and improving living conditions [3] Financial and Supply Side Policy Optimization - Financial institutions are instructed to set mortgage rates without differentiating between first and second homes, which is expected to lower borrowing costs and stimulate demand for upgrading housing [4][5] - The minimum down payment for second homes using public housing funds is reduced from 30% to 25%, further facilitating access to loans and enhancing the overall affordability of housing [5] - Supply-side policies will streamline project approvals from city-level to district-level, improving investment confidence and development efficiency for real estate companies [5][6] Overall Market Outlook - The policy is designed to avoid a "flooding" approach, instead focusing on precise adjustments to meet diverse housing needs, which is expected to lead to a structural recovery in the Beijing real estate market [6][7]