中指研究院常务副院长黄瑜：因时因势推动各项改革举措落地 未来五年住房市场空间仍在

Core Viewpoint - The real estate industry is crucial for stabilizing domestic demand, and the market is expected to return to a supply-demand fundamental logic as restrictive policies are lifted, leading to increased market differentiation [1][4]. Policy Adjustments - During the 14th Five-Year Plan, the real estate sector underwent adjustments with over 3,000 optimization policies introduced since 2022, marking the current policy environment as the most accommodative in history [2][3]. - Major cities like Suzhou, Changsha, Chengdu, and Hangzhou have fully lifted purchase restrictions, while first-tier cities have reduced social security or individual income tax requirements for purchasing [2]. Market Dynamics - The real estate market is expected to experience further differentiation as most cities have removed restrictive policies, with a focus on high-quality development and a new model of resource allocation based on the "people, housing, land, and money" linkage mechanism [4][5]. - The demand for high-quality housing is increasing, and cities with strong population and talent attraction will have more resilient real estate markets [5]. Urban Renewal - Urban renewal has been emphasized as a key strategy for stabilizing the real estate market, with policies aimed at improving living conditions and enhancing property values [6][7]. - Over 130 cities have implemented or optimized housing voucher policies since 2024, which have shown positive results in stimulating market activity [6]. Future Outlook - The 15th Five-Year Plan indicates significant space for new urbanization, with an estimated urban housing demand of nearly 5 billion square meters over the next five years [9]. - The focus will be on improving housing conditions for the agricultural migrant population, which is a key area for future housing development [9][10].