2025.08. 26 本文字数：2779，阅读时长大约5分钟 作者 | 第一财 经 孙梦凡 临近楼市传统的"金九银十"，各地再一次祭出楼市优化政策。 8月25日，上海接棒北京楼市新政，出台了涉及限购、公积金、信贷、税收等多项新政，整体导向与 北京类似，即"核心区严控、郊区松绑"，挖掘住房购买力、降低置业门槛，为势头有所减弱的市场 注入一针"强心剂"。 在当前楼市节点，一线城市带头松绑楼市调控，有切实的行业必要性。今年二季度开始，全国楼市出 现新情况，新盘去化率下滑，即便是京沪内部分化也很明显，郊区库存压力较高。对此业内人士 称，"再保持强压政策意义不大"。 而京沪步调一致的新政将有何效果？专家表示，在"金九银十"关键节点到来前，一线城市发布利好 政策，有利于楼市止跌回稳巩固成效。 一线城市"放房票" 作为全国楼市的"高地"，北京、上海调控政策松动备受关注。 半月前，楼市调控一向最严格的北京，打响了新一轮政策"第一枪"。以五环为分界线，京籍居民家 庭、连续缴纳社保或个人所得税满2年及以上的非京籍居民家庭，购买五环外商品住房，将不再限套 数。成年单身人士和居民家庭执行同样的限购政策。 这一重磅政策，成为近年来北 ...

2025年北京楼市，如同走钢丝般微妙。时间指针拨至三季度末，稳经济、稳预期成为首要目标，楼市调 控的节奏明显加快，政策工具箱频繁开启，灵活调整力度。然而，在一片舆论的喧嚣中，北京五环外限 购松绑的消息，犹如一颗石子投入湖面，激起兴奋与质疑并存的涟漪，鲜有人能真正置身事外。 起初，这则消息如同炸弹般引爆网络。8月8日，北京市政府正式官宣房地产调控新政，一时间，楼市圈 沸腾，朋友圈、微信群被刷屏式讨论淹没。自媒体和地产号更是以"取消限购"、"不限购"等字眼博人眼 球，瞬间点燃了购房者、卖房者和观望者的情绪。外地朋友纷纷来电，询问是否可以"上车"，一时间， 市场情绪被推向高点。 然而，仔细研读官方文件，便会发现事情远非表面那般简单。"放松"二字背后，五环外的购房门槛依然 存在，只是相较以往略微宽松，核心条件并未改变。许多人被"松绑"二字迷惑，误以为全面放开，实则 不然，真相远不如宣传那般热闹。 政策出台的背景是，2025年以来，北京房价已连续数月下跌，尤其在二手房市场，国家统计局和链家的 数据均指向同一趋势：价格下行。尽管7月份的完整数据尚未公布，但业内普遍预期跌势将延续。连续 四个月的环比下降，在过去几年并不常见 ...

来看海南楼市新政。 8月15日，海南省发布9条楼市新政，其中在需求端提出，取消普通住宅和非普通住宅标准、支持多孩家庭购房、支持居民换购改善住房、支持引进人才申 领购房及住房租赁补贴等，多方面释放并满足引进人才和本地居民家庭住房需要。 业内人士认为，本次海南楼市政策优化从供给和需求两端进行调整，其中，提升对多孩家庭购房的支持力度，强化对引进人才的购房、租房支持，有利于 需求进一步释放，预计未来随着政策落地落实，将对海南房地产市场回稳起到一定积极效果。 海南取消普通住宅和非普通住宅标准 中指研究院政策研究总监陈文静指出，优化多孩家庭住房套数认定，给予信贷支持，有助于降低多孩家庭的购房成本，释放购房需求。持续为引进人才发 放购房补贴，并明确对租赁保障性租赁住房的给予住房租赁补贴，进一步降低人才购房、租房压力。满足条件的购房者给予个税退税优惠，继续落实此前 全国性政策。取消普宅标准主要影响房企的土地增值税计算，对于二手房交易无直接影响。 在供给端，新政提出，支持盘活存量房地产用地和用房。一是加大专项债、公积金增值收益等政策工具支持力度，对收购存量商品房用作保障性住房、公 共租赁住房以及保障性租赁住房等方面提出支持政策 ...

Core Viewpoint - Beijing has introduced significant new policies to relax housing market regulations, aiming to stimulate market demand and promote stable and healthy development in the real estate sector [1][3]. Group 1: Policy Changes - The most notable change is the removal of purchase restrictions for eligible families outside the Fifth Ring Road, allowing them to buy both new and second-hand homes without limits on the number of properties [1][2]. - The new policies also include adjustments for single adults, aligning their purchasing standards with those of families, thus eliminating additional restrictions [1][2]. Group 2: Housing Inventory and Market Impact - The inventory of new homes outside the Fifth Ring Road is high, accounting for 78.7% of the total, making it a primary choice for first-time and upgrading homebuyers. The policy change is expected to facilitate inventory reduction in these areas [1][2]. - The focus on developing areas outside the Fifth Ring Road is part of a broader strategy to alleviate pressure on the city center by guiding population and industry relocation [1]. Group 3: Public Fund Loan Policy Optimizations - The new policies include several optimizations to the public fund loan system, such as relaxing the criteria for first-time homebuyers and increasing loan limits for second homes [2]. - The maximum loan amount for second homes has been raised from 600,000 to 1,000,000 yuan, with potential increases to 1,400,000 yuan for qualifying properties [2]. - The down payment ratio has been lowered, and the requirements for loan eligibility based on contribution years have been adjusted to ease financial pressure on buyers [2]. Group 4: Market Outlook - Overall, the new policies exceed expectations, likely benefiting new and second-hand homes outside the Fifth Ring Road, potentially accelerating developers' sales pace and increasing market activity [3]. - Unlike some cities that have fully lifted purchase restrictions, Beijing's approach remains cautious, maintaining a "step-by-step" strategy with no changes to policies within the Fifth Ring Road [3].

Group 1 - The new housing policy in Beijing, implemented on August 9, focuses on optimizing purchase restrictions and enhancing public housing fund support [1][3] - The policy removes the limit on the number of properties for eligible residents purchasing homes outside the Fifth Ring Road, significantly increasing public housing loan support [1][3] - The policy aims to alleviate inventory pressure in the housing market, particularly in areas outside the Fifth Ring Road, which accounts for over 80% of new residential sales from January to July [3] Group 2 - Following the implementation of the new policy, there was a notable increase in property viewings, with some projects experiencing a 20% to 40% rise in visits [4] - The number of inquiries for new homes increased by 14.1% and for second-hand homes by 14.5%, indicating a resurgence in market interest [4] - Banks quickly adapted to the new policy, with state-owned banks starting to process housing loans under the revised public housing fund guidelines, benefiting second-home buyers significantly [4]

"来看房吗？五环外放开限购了。"8月8日晚，购房人的朋友圈可以说是被房产中介刷屏了。在放开离婚 买房限制、下调首付比例、调整"认房又认贷"之后，北京楼市调控还是指向了限购。 积金贷款100万元、贷款年限30年为例，在由二套房调整为首套房后，首付款最高可以减少60万元，月 供则最高减少253元。 "此次北京新政让购房政策更加宽松，新政出台可能与要促进房地产市场止跌回稳有关。另外，与促进 职住平衡也有关系。放开五环外限购是一个比较科学精准的政策，后续对促进市场健康发展有积极的带 头作用。"上海易居房地产研究院副院长严跃进对《华夏时报》记者说。 中指研究院监测的数据显示，今年前7月，北京新建商品住宅销售套数中，五环外占比超过80%，是绝 对的成交主力区域，二手住宅成交套数的占比也超过50%。"政策落地后，预计一方面将对五环外的市 场产生积极作用，另一方面，对于想卖出五环外二手房改善住房的需求来说，本次政策也带来了新的机 会，促进这部分改善需求释放。"中指研究院政策研究总监陈文静对《华夏时报》记者表示。 公积金贷款首套房认定扩围 值得关注的是，除了放开五环外限购，此次北京新政也大力提升了对住房公积金的支持力度。文件显 ...

21世纪经济报道记者李莎 北京报道 8月8日，北京出台重磅楼市新政，主要涉及六方面内容，新政自8月 9日起施行。 六是每缴纳一年公积金可贷额度从10万元提高到15万元，调整后贷满120万元（额外最多上浮40万元） 的缴存年限由11年零1个月，降低为7年零1个月。 此外，本次新政还明确，支持缴存人在提取公积金支付购房首付款的同时申请公积金贷款。 要注意的是，限购政策调整面向五环外，五环内限购政策不变。即京籍居民家庭五环内限购2套，在京 连续缴纳社保或个税满3年及以上的非京籍居民家庭五环内限购1套。 "这次北京新的楼市调控政策是一次超预期的调控。"合硕机构首席分析师郭毅向21世纪经济报道记者表 示，北京新政多措并举，希望能够激活更多改善家庭、个人的购房动力。 郭毅进一步从三方面对政策进行解读。第一，北京五环外的新房库存约占新房市场整体库存的78.7%， 五环外部分区域也是新房成交热点和刚需刚改家庭关注重点所在，经过本轮楼市调整，北京五环外的东 部、西部和南部片区房价也调整到了合理价格区间。符合购房条件的居民家庭五环外不再限制购房套 数，搭配北京推进落地的"好房子"政策，将积极有效推动五环外库存去化，部分"好房子" ...

Market Overview - The real estate market in 2025 shows a stark contrast, with first-tier cities experiencing a recovery and steady price increases, while third and fourth-tier cities face high inventory and price pressures [3][5] - New home prices in first-tier cities like Beijing, Shanghai, and Shenzhen rose by 2.5% year-on-year, with the existing home turnover period in core areas reduced to 8 months [5] - In contrast, some third and fourth-tier cities have seen prices drop back to 2018 levels, despite developers offering discounts of up to 15% [5] Rental Market - The implementation of the Housing Rental Regulations has effectively addressed industry issues such as deposit withholding, enhancing the quality of rental housing [6] - The rental market is increasingly dominated by the post-90s generation, with 40% open to lifelong renting [6] - Local governments are actively converting existing housing into affordable rental units, with some cities providing smart home features at 20% below market rent [6] Supply-Side Reform - Real estate developers are accelerating inventory reduction, with significant price cuts observed, such as a drop from 4 million to 2.45 million [8] - Financing costs for developers have decreased to 3.09%, and new housing standards are being enforced to include aging-friendly facilities [8] - The land market shows a split, with residential land sales increasing by 27.5% in 300 cities, while first-tier cities remain highly competitive [8] Policy Adjustments - Over 50 cities have introduced policies to lower home purchase thresholds, with some cities reducing the down payment for second homes to 15% [10] - Mortgage rates are declining, with the rate for existing home loans expected to drop below 3% later in the year [10] - The central government has emphasized stabilizing the real estate market, with measures including a 0.5% reserve requirement ratio cut and a focus on ensuring project delivery [13] Central Government's Direction - The 2025 Government Work Report highlights the importance of stabilizing the real estate market, with various local initiatives to support housing supply and affordability [11][13] - Policies such as full tax rebates and increased affordable housing supply are being implemented to stimulate demand [13] - The government is also promoting green building standards and linking housing sales to educational resources, showcasing a commitment to sustainable development [13]

Group 1 - The core point of the article highlights significant developments in the real estate markets of Shenzhen and Beijing, indicating a shift in focus towards core urban areas as opposed to suburban regions [5][11][15] - In Shenzhen, a land auction resulted in a record-breaking floor price of 84,200 RMB per square meter, with a premium rate of 86%, signaling a potential market uplift [1][4] - In Beijing, a new regulation prohibits new homes from being sold below 60,000 RMB per square meter, indicating a rare instance of price control in the market [6][10] Group 2 - The article suggests that the recent land supply and pricing strategies in both cities reflect a broader trend where suburban property prices are declining, while core areas are being prioritized for development [11][12][15] - Over the past decade, most land transactions in Beijing have occurred in suburban areas, leading to a lack of momentum in the new housing and land auction markets [12][13] - The shift in land supply strategy in Beijing, starting with core areas like Chaoyang, has begun to revitalize the market, contrasting with the continuous supply in Shanghai [14][15] Group 3 - Recent policy changes, including interest rate cuts and new public housing fund regulations, are expected to stimulate the real estate market, particularly benefiting middle-income buyers [16][18] - The combination of these policies and the strategic shift in land supply in both Shenzhen and Beijing suggests a potential recovery in the real estate sector [18]

Core Viewpoint - The Chinese real estate market is facing significant challenges, with a sharp decline in sales and an oversupply of properties leading to a cautious buyer sentiment and urgent seller conditions [3][5][8]. Group 1: Market Performance - In 2022, the sales volume of the top 100 real estate companies dropped by 42.1% year-on-year, totaling 672.68 billion yuan, with a monthly sales decline of 34.4% [3]. - The average price of new residential properties in 100 cities was 16,190 yuan per square meter, showing a month-on-month decrease of 0.06%, while the average price of second-hand homes was 15,911 yuan per square meter, with a month-on-month decline of 0.21% [3]. - Major cities like Beijing, Chongqing, and Wuhan saw second-hand home listings exceed 100,000 units, indicating a severe oversupply situation [3]. Group 2: Government Response - The government has implemented various supportive measures, including relaxing purchase and sale restrictions, providing cash subsidies to buyers, and easing financing channels for developers [5]. - Mortgage rates for first-time homebuyers have been lowered to as low as 4.2%, and the down payment ratio has been reduced to 20% [5]. Group 3: Long-term Trends - The housing supply is nearing saturation, with 96% of families owning at least one home, and 41.5% owning two or more, leading to a significant reduction in potential homebuyers [5][6]. - Demographic changes, including an aging population and declining young population, are exacerbating market weakness, as many elderly individuals already own homes and younger individuals may inherit properties [5][6]. - The government's increased focus on affordable housing construction is expected to divert demand from the commercial housing market, further accelerating price declines [6]. Group 4: Market Outlook - As the year-end approaches, market sentiment remains cautious, with buyers holding off on purchases while sellers are eager to sell [8]. - Despite government efforts to stimulate the market, the ability to reverse the current downturn remains uncertain, indicating a challenging environment for the real estate sector in 2023 [8].