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 has implemented a real estate policy adjustment aimed at stimulating housing demand through measures such as loosening purchase restrictions and optimizing credit conditions, effective from December 24, 2025 [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 the housing needs of long-term residents [2] - The demand release is expected to be significant, particularly for non-local residents who have established roots in the city, as their housing needs are driven by family and educational factors [2] - The "layered release" of demand is a core feature of the policy, with reduced thresholds for non-local buyers, especially the 1-year social insurance requirement for homes outside the Fifth Ring, which is expected to activate substantial housing demand [2][3] Market Structure Impact - The policy is particularly beneficial for the market outside the Fifth Ring, where approximately 80% of new residential transactions occur, leading to an anticipated increase in visitor numbers and transaction volumes for new homes [3] - Targeted support for multi-child families allows them to purchase an additional home within the Fifth Ring, thereby enhancing the demand for larger, improved housing options [3] Financial and Supply Side Policy Optimization - Financial institutions are now required 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 has been reduced from 30% to 25%, which is anticipated to increase the volume of public housing loan applications [5][6] - The approval process for real estate development projects has been simplified from city-level to district-level, which is expected to enhance developer confidence and efficiency, particularly for projects focused on the Fifth Ring [6] Overall Market Outlook - The policy adopts a targeted approach rather than a broad stimulus, ensuring that reasonable housing demand is met while avoiding overheating in the market [7] - As the effects of the policy unfold, the Beijing real estate market is expected to transition from stabilization to structural recovery, with core area improvement housing and peripheral area demand housing becoming the main growth points [7]