Beijing Municipal Housing Commission Abolishes Restriction on House Purchases After Divorce
In a surprising move, the Beijing Municipal Housing and Urban-Rural Development Commission announced the abolition of a document issued two years ago that prohibited individuals from purchasing commercial housing in the city within three years of divorce. This document, which was released in August 2021, had sparked controversy due to its strict regulations on post-divorce property ownership.
The document stated that if a couple divorced and the number of housing units owned by the original family before the divorce did not comply with the city’s commercial housing purchase restriction policy, neither party was allowed to purchase commercial housing in Beijing within three years of the divorce. This restriction has now been lifted, allowing individuals who have gone through a divorce to freely purchase properties in the city.
This decision comes as part of a series of adjustments in Beijing’s property market policies. Recently, there have been updates to the commercial housing sales policy in Tongzhou District, where the “double limit” on settling or paying taxes and social security for three years has been lifted. Additionally, adjustments have been made to the city’s general housing standards and personal housing loan policies, including a reduction in the down payment ratio for first and second homes.
The Beijing property market has seen fluctuations in recent months, with some real estate self-media accounts spreading pessimism about housing prices. However, despite these concerns, the city’s commercial housing sales area has shown an increase, indicating a stable and improving market.
As Beijing continues to adjust its property market regulations, buyers and homeowners can expect further changes in the coming months. The abolishment of the restriction on house purchases after divorce marks a significant shift in the city’s property market dynamics, offering more flexibility to individuals looking to invest in real estate.