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on september 29, six departments including the shanghai municipal housing and urban-rural development management committee, the municipal housing administration bureau, the municipal finance bureau, the municipal taxation bureau, the shanghai headquarters of the people's bank of china, and the shanghai financial supervision bureau jointly issued the "policies and measures for further optimizing the city's real estate market" "notice" (hereinafter referred to as the "notice"), the new policy focuses on shortening the social security payment period requirements, reducing the down payment ratio, reducing the value-added tax and individual tax burdens, etc., and will be implemented from october 1, 2024.

the "notice" clarifies that in order to better meet residents' rigid and improved housing needs, promote job-housing balance, and serve safe housing, the housing purchase restriction policy will be further adjusted and optimized.

the first is to shorten the number of years for non-shanghai residents to pay social security or personal income tax when purchasing housing outside the outer ring road. for families and single persons who are not registered residents of this city and purchase housing outside the outer ring road, the number of years required to pay social insurance or personal income tax for the purchase of the house is reduced from "continuous payment for three years or more before the date of purchase" to "continuous payment before the date of purchase". payment has been made for 1 year or more.”

the second is to improve the home-purchasing treatment for those who hold the "shanghai residence permit" and whose points have reached the standard score. non-local resident families who hold a "shanghai residence permit" and whose points reach the standard value and have paid social insurance or personal income tax in this city for three years or more will enjoy the same treatment as shanghai resident families in purchasing housing units. .

the third is to implement more differentiated home purchase policies in the lingang new area of ​​the free trade zone. for groups who work in the new area and have job-housing separation, on the basis of implementing the existing housing purchase restriction policy, they can purchase an additional house in the new area to promote job-housing balance.

the "notice" proposes to optimize the relevant policies for personal housing loans in accordance with the principle of city-specific policies. first, implement the national policy on reducing existing mortgage interest rates. guide commercial banks to steadily and orderly reduce existing mortgage interest rates to near the new loan interest rates, further reducing the mortgage interest expenses of home buyers. the second is to reduce the down payment ratio of mortgage loans. the minimum down payment ratio for commercial personal housing loans for first homes is adjusted from "not less than 20%" to "not less than 15%". the second home loan is adjusted from "not less than 35%" to "not less than 25%"; the area where differentiated policies are implemented is adjusted from "not less than 30%" to "not less than 20%". the minimum down payment ratio for housing provident fund second home loans will be adjusted accordingly.

the "notice" requires that in order to reduce the tax cost of housing transactions and support residents' diversified and improved housing needs, the first is to adjust the value-added tax collection and exemption period, and adjust the value-added tax collection and exemption period for personal external sales of housing from 5 years to 2 years; secondly, in accordance with national work arrangements, ordinary housing standards and non-ordinary housing standards should be canceled in a timely manner to reduce housing transaction costs and better meet residents' needs for improved housing.

since the beginning of this year, shanghai has reduced the basic social security payment requirements for non-shanghai residents purchasing houses three times, from five years of social security payment to three years to one year, which has greatly reduced the cost of social security payment and the waiting time for home purchase qualifications. this will help people who have newly entered shanghai for employment in recent years, and they will be eligible to buy houses faster.

the new policy also gives the residence permit more rights to purchase houses. the policy is clear. residential families that have held the "shanghai residence permit" for three years and whose points have reached the standard score can enjoy the treatment of shanghai residents in purchasing houses. it should be noted that the relevant resident families still need to meet the three-year social security requirement.

in response to the central bank's request to lower existing mortgage interest rates, shanghai responded immediately and actively implemented it. the reduction in existing mortgage interest rates will help reduce monthly payment pressure and release the potential consumer demand of home buyers.

in the short term, as the national day holiday approaches, the introduction of policies will help boost market confidence and stabilize expectations, and will have a more positive effect on viewings, promotions and transactions in the new and second-hand housing markets during the national day holiday. ; in the medium to long term, as the effects of various policies are released, the home purchase market will continue to develop well, which will play a positive role in consolidating the existing recovery trend of shanghai's real estate market this year and promoting the active housing transaction market.