Text/Pang Wuji
The property market is moving!
After the government has repeatedly emphasized the systemic importance of real estate recently, a new round of regulatory policies has begun to land.
On the 26th, Dongguan officially announced the release of purchase restrictions across the region.
Prior to this, the scope of purchase restrictions in Dongguan has undergone a round of contraction.
On the same day, the Housing and Urban-Rural Development Bureau of Dongguan City issued the "Notice on Further Optimizing Real Estate Control Policies": Dongguan City Guancheng Street, Dongcheng Street, Nancheng Street, Wanjiang Street, and Songshan Lake High-tech Industrial Development Zone Newly built commercial housing and second-hand Commodity housing can only be listed for trading after 3 years from the date of online signing and filing of the commercial housing sales contract (or real estate sales contract) or 2 years after obtaining the real estate certificate.
Newly built commercial housing in other areas of the city must be listed for trading within 3 years from the date of online signing and filing of the commercial housing sales contract, and the second-hand commercial housing is suspended from the implementation of the sales restriction policy.
Why did Dongguan cancel the purchase restriction?
Judging from the current real estate market trends, the abolition of purchase restrictions is to release the potential of housing consumption to a greater extent and stabilize the real estate market.
Li Yujia, chief researcher at the Housing Policy Research Center of the Guangdong Provincial Institute of Urban Planning, pointed out that after the Central Economic Work Conference, expanding domestic demand and giving play to the basic role of consumption has become one of the themes of the property market.
He believes that in "clothing, food, housing, and transportation", the space and marginal effects of clothing, food, and transportation are not as good as housing, and the potential or space for living is very large. In particular, the housing improvement reflected in the Seventh Census will be the main force of housing consumption in the future.
From the perspective of Dongguan, more than half of the 10.53 million local permanent residents live in urban villages. The city’s home ownership rate is only about 50%, and housing needs to be improved urgently.
Dongguan still has great potential in releasing housing demand.
A city like Dongguan with a very large proportion of immigrant population has a relatively large proportion of production and life service industries. There are many manufacturing-oriented private enterprises and private enterprises. The impact of the epidemic, decline in exports, and weak domestic demand have been severely affected.
Local financial strength has also declined significantly, and there is an urgent need for a stable real estate market.
In addition, the current demand side of the national commercial housing market is relatively weak, and the cancellation of purchase restrictions will help promote the recovery of the market, thereby restoring the hematopoietic function of the market and enterprises themselves.
In the view of Guan Rongxue, a senior analyst at the Zhuge Housing Data Research Center, Dongguan's comprehensive liberalization of purchase restrictions and relaxation of sales restrictions is an adjustment to implement in-depth implementation of city-specific policies.
This policy adjustment is conducive to fully releasing policy dividends, increasing support for housing consumption, and meeting reasonable housing needs, which is good news for home buyers.
The relaxation of the purchase restriction policy in Dongguan is also a product driven by the development of the local property market.
On the one hand, under the previously strengthened policy regulation, the operation of the Dongguan real estate market has gradually returned to rationality, and the loosening of the restrictive housing consumption policy is the general trend; The stable performance of both ends of the market supply and demand has laid a solid foundation.
Will "purchase restrictions" be fully withdrawn?
Dongguan is not the first city to fully withdraw from purchase restrictions.
In early December, Foshan, another city with a GDP exceeding one trillion yuan, also stated that it would no longer restrict housing purchases.
Prior to this, core second-tier cities such as Xi'an, Hangzhou, Wuhan, and Nanjing all introduced policies to reduce purchase restrictions.
For example: For talent gathering areas outside cities such as Hongshan New City, Xuanwu District, Nanjing, one additional house can be purchased on the basis of the current house purchase policy.
Li Yujia believes that this means that a new round of demand-side policy relief has begun.
Yan Yuejin, director of the think tank of E-House Real Estate Research Institute, said that some cities have too strict purchase restriction policies, which have a very bad impact on the stable recovery of the property market. This is the main contradiction of not accurately grasping the current property market.
The cancellation of purchase restrictions in Dongguan also requires all localities to take the initiative to reduce constraints and obstacles to the real estate transaction market, and truly provide new impetus for a new round of property market recovery.
Guan Rongxue believes that under the background that the current real estate market has yet to be accelerated, the financial support for real estate policies should be exhausted, and policies should be implemented according to the city to give full play to the positive effects of the policies. It is expected that more hot second-tier cities will follow up in the future. It is expected that in addition to the first-tier cities, other cities may completely cancel the purchase restrictions.
In 2023, there is a high probability that real estate policies will remain loose, and restrictive policies may be withdrawn at an accelerated pace.
Qiu Baoxing, former vice minister of the Ministry of Housing and Urban-Rural Development, said that the vulnerability of the real estate market has increased significantly recently.
The real estate market must develop steadily, and policies that are directly or indirectly unfavorable to the market must be prevented.