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after shanghai, guangzhou, and shenzhen successively released new policies for the property market, on the evening of september 30, 2024, beijing lowered the interest rates of existing mortgages, lowered the minimum down payment ratio of personal housing loans, increased housing provident fund loan support, and reduced the number of non-beijing households. policies and measures have been introduced in terms of the number of years for paying social security or personal tax when purchasing a house, adjusting the housing purchase restriction policy in tongzhou district, canceling the standards for ordinary and non-ordinary housing, and accelerating the construction of a new model of real estate development. on october 1, the first day of beijing’s property market policy implementation, the number of inquiries and visits increased significantly; new housing projects launched a variety of discounts; home purchase qualifications, down payment ratios, price concessions, etc. became the focus of attention. industry analysts believe that all first-tier cities have introduced new policies for the property market. it is expected that with the continued output and fermentation of favorable policies, housing prices in core cities are expected to stabilize, which will also help to exert the superimposed effect of policies, stabilize market expectations, boost market confidence, and further drive the national real estate market to accelerate its bottoming.

the volume of inquiries and views on second-hand houses may soon be converted into transaction volume

on september 30, the night when beijing’s property market policies were released, some intermediary work groups started to engage in screen swiping mode. some are busy posting on wechat moments, while others are contacting customers to inquire about viewing times. some stores called on their staff to "not lie flat" during the national day holiday to welcome feedback on favorable policies. early on the morning of october 1, agent xiao zhang (pseudonym) was on his way to view a house with clients who wanted to replace their property.

in fact, after policies such as lowering existing mortgage interest rates and down payment ratios were announced on september 24, the real estate market began to respond positively. some agents in beijing said they felt an increase in inquiries on the same day, and the number of viewings also increased after that. "with more people viewing houses, there will naturally be more transactions. customers are obviously more active and will take the initiative to ask for viewings." xiao zhang said that there has been a significant change in the number of viewings. previously, he could only show one group per day, but now he can take one group per day. can show 3 groups.

leng hui, an analyst at beijing lianjia research institute, also said that after the politburo meeting and the announcement of a series of policy arrangements for the real estate market by the people's bank of china, it attracted widespread attention from all parties and positive market feedback. according to statistics, since september 25, the number of inquiries, views and new customers of real estate brokerage agencies have all increased compared with the previous period. the transaction volume of second-hand housing on holidays is also significantly higher than the highest level on holidays last week. however, due to the impact of holiday breaks, there is only one rest day on the last weekend of september, and there is a certain degree of concentrated signing.

according to monitoring data from linping residential big data research institute, on september 30, 2024, 1,125 units of existing housing units in beijing were sold in a single day, an increase of 329 units from yesterday and a month-on-month increase of 41.3%. judging from the transaction volume of existing housing in the past week, the average daily number of transactions in beijing’s existing housing stock was 612 units. on september 30, 1,125 units were transacted in a single day, which was 83.8% higher than the average level in the past week.

in the 39th week of 2024 (9.23-9.29), 3,893 existing housing units were sold in beijing, an increase of 1,736 units from last week and a month-on-month increase of 80.5%. judging from the transaction trend in the past ten weeks, the average weekly number of transactions was 3,513, which was 10.8% higher than the average in the 39th week. in addition, from the perspective of price-adjusted housing, in the 39th week, 3,493 housing units in beijing increased in price, an increase of 129% from last week. at the same time, the proportion of properties with price increases in the 39th week increased by 0.76 percentage points, and owner confidence continued to recover.

according to statistics from the centaline real estate research institute, from september 1st to 29th, 12,331 second-hand housing units were signed online in beijing that month, and it is expected that the number will be around 13,000 units throughout the month.

industry analysts believe that beijing's policy is an in-depth implementation of the party central committee's work guidance of "stopping decline and stabilizing" and will play a positive role in digesting property market policies and boosting the market in the fourth quarter.

zhao qingxiang, secretary-general of the beijing real estate agency industry association, said that beijing’s latest property market policies are good for both rigid housing demand groups and diversified improvement housing demand groups. among them, high-level and urgently needed talents who are not from beijing should belong to the rigid home-buying group. their purchase limit is shortened to one year, which can effectively meet and release their home-buying needs. reducing the purchase limit period can increase the number of eligible home buyers; optimizing the down payment ratio can lower the home purchase threshold; and lowering interest rates can reduce the cost of home purchase.

judging from the current online signing data, the market is generally stable in the third quarter. the transaction volume has increased steadily, with the average monthly transaction volume in the first three quarters exceeding 14,000 units. in july, the transaction volume of second-hand housing once exceeded 15,000 units. currently, the number of property listings has decreased.

zhao qingxiang believes that with the significant increase in consultation volume and follow-up volume, it will soon be converted into transaction volume. "quantity comes before price", the increase in transaction volume will affect prices, and the prices of second-hand houses in some areas will stop falling and stabilize.

a staff member of a new housing project said that the sales office was "in full swing"

the release of beijing’s property market policies has also added heat to the new housing market. many new house project staff made promotional posters overnight to announce discounts, and some properties even received inquiries from potential home buyers that night.

after the social security period has been changed from 5 to 2, more people have become eligible to buy houses. the cancellation of the "double limit" in tongzhou has also increased a lot of demand for house purchases. “last night, a customer contacted us to inquire about the policy.” on october 1, the relevant person in charge of the vanke donglu project in tongzhou district, beijing told a reporter from beiqing daily that the number of consultations increased significantly after the policy was released, compared with the increase before the policy was released. by 10 a.m., more than 20 groups of consulting customers had been received. in order to ensure reception capacity, all project staff will be on duty during holidays. it is understood that most of the issues that customers are concerned about focus on home purchase qualifications and down payment ratio.

the negotiation area at the sales office of the shuaifu jingcai world project located on the south side of liyuan, tongzhou district, beijing was almost full. as of 17:00 on october 1, 38 groups of customers had visited and subscribed for 4 units. the staff said that the customers who visited the site were very purposeful and there were not so many people hanging around, so the sales staff spent a long time negotiating with each customer, and the transaction rate also increased accordingly. according to statistics, 80% of visiting customers are concerned about the product quality of "high-quality and good houses", 60% are concerned about the national day preferential policies, and 20% are affected by the down payment ratio reduction policy. "it is worth mentioning that customers generally it is to enhance purchasing confidence after the promulgation of the new deal, focusing on the new housing market.”

jingjing, an on-site real estate consultant, said bluntly that the busyness can be described as "in full swing". she received three groups of visiting customers due to the new deal at the same time. "because i was really too busy to receive them alone, and i was worried that i would not take good care of them, so the sales director, marketing the person in charge is also helping to receive customers and introduce projects.”

the conversion ratio of customer visits to the cscec puyuan project located in chaoyang district has increased significantly. "the conversion ratio before the new deal was about 13:1, and the conversion ratio under the new deal was about 5:1. most customers made their decision after the first visit and no longer wait and see." "introduced by the relevant person in charge.

the youth one project located in shunyi district has attracted many home buyers who are just in need. "from the time it opened at 9:30 in the morning to 9:00 in the evening, the sales office received 106 groups of home buyers, and 15 units were successfully subscribed. judging from the reception volume, there was a 50% increase compared with before the policy was released." the person in charge of the youth one project people said that judging from the current number of visitors, they do not come to buy houses simply because of their qualifications, but are affected by a series of recent favorable policies in the property market.

on september 24, the central bank launched a number of major policies; now beijing has also announced policies such as lowering the social security period for home purchases, existing mortgage interest rates, and minimum down payment ratios. the relevant person in charge believes that for customers who just need to order, they will be more sensitive to price. the policies come in the form of a combination, which is very helpful in boosting the confidence of home buyers.

in addition, a reporter from beiqing daily noticed that some real estate projects have also introduced many preferential measures, such as the "10,000 for 100,000" limited-time discount, special housing, and home appliances upon signing, etc.

however, due to the holiday, some project staff said that some inquirers chose to view the houses after the holiday. some home buyers are still looking forward to the implementation and implementation time of policy details such as existing mortgage interest rates and down payment ratios.

staff at jinghua guoxianfu in fangshan, beijing, said that more than 60 groups visited today. because some customers had travel plans affected by the national day holiday, there was no significant increase in the number of visits. however, the number of interested customers is increasing, and their confidence in the market has improved significantly compared to before. “21 units were subscribed on national day.”

many new housing project staff interviewed said that the release of the policy has indeed increased confidence in the market, but it will take some time for the policy to take effect.

the centralized implementation of policies in first-tier cities will help to exert a superimposed effect

industry analysts believe that all first-tier cities have introduced new policies for the property market and are actively implementing the spirit of the september 26 political bureau meeting. it is expected that with the continued output and fermentation of favorable policies, housing prices in core cities are expected to stabilize, and real estate market activity is expected to increase in the fourth quarter. the centralized implementation of policies in first-tier cities will help to exert the superimposed effect of policies. overall, it will have a more positive effect on stabilizing market expectations and boosting market confidence. it is also expected to further drive the national real estate market to accelerate the bottoming out.

on the evening of september 29, shanghai, guangzhou, and shenzhen successively released new policies for the property market, involving policy adjustments such as housing purchase restrictions, minimum down payment ratios, value-added tax exemption years, and existing mortgage interest rates. both shanghai and shenzhen have clarified that the minimum down payment ratio has been reduced to 15%, and the value-added tax exemption period has been adjusted from 5 years to 2 years; guangzhou has fully liberalized purchase restrictions, and social security in shenzhen's core areas has been changed from 3 to 1, and there is no limit in non-core areas. shanghai has revised the purchase limit range of the outer ring is changed from 3 to 1 for social security.

in terms of purchase restrictions, the first is to shorten the number of years for non-beijing households to pay social security or personal tax when buying a house. the second is to adjust the housing purchase restriction policy in tongzhou district. third, if beijing-citizen single adults live together with minor children, the housing purchase restriction policy will be implemented as a beijing-citizen household.

chen wenjing, policy research director of the china index research institute, believes that overall, beijing’s purchase restriction policy has been significantly optimized this time and is expected to have a positive impact on market activity.

in terms of credit policy, beijing has also lowered the down payment ratio for the first home to a unified national lower limit. the down payment ratio for the second home no longer distinguishes between those inside and outside the fifth ring road, from the previous minimum of 35% within the fifth ring road and the minimum 30% outside the fifth ring road to 20%. the intensity is greater than that in shanghai, which will significantly lower the threshold for home buyers and promote the release of rigid and improved housing demand.

the policy also increases housing loan support for beijing-based families with two or more children and increases the provident fund loan limit.

since the beginning of this year, beijing has increased provident fund loan support for the purchase of green buildings, prefabricated buildings and the purchase of qualified old communities. this time, it further supports beijing-based families with multiple children in purchasing houses, increasing the provident fund loan limit by 400,000. it will reduce the cost of home purchase for families with multiple children, which is an important manifestation of supporting the demand for improved housing.

canceling the standards for ordinary and non-common houses will help reduce the tax cost of purchasing non-common houses and further promote the release of demand for improved housing. previously, on september 20, beijing had made it clear that it would "timely cancel the standards for ordinary and non-ordinary residences." this time it proposed that the standards for ordinary and non-ordinary residences would be canceled in a timely manner, which is also a further clarification of the previous policy.

chen wenjing explained that there are certain differences in the tax payment between common houses and non-common houses. canceling the standards for common houses and non-common houses will reduce the transaction taxes and fees (mainly value-added tax) for non-common houses, which will help reduce the cost of buying a house. it will drive the release of demand for improved housing; at the same time, canceling the standard for general housing certification will also help companies better match product types and focus on creating high-quality products that meet market demand.

the industry believes that from the perspective of policy trends, short-term first-tier city policies are basically in place, and there is still room for optimization of restrictive policies in the future. second-tier, third-tier and fourth-tier cities are also expected to increase home purchase subsidies, further promoting market volume and price to stabilize.

"we expect the policies to be effective and help the 'silver ten' transaction volume pick up, and we also expect the market to stop falling and stabilize as soon as possible." said a real estate practitioner in beijing.

text/beijing youth daily reporter song xia

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