Hangzhou and Xi’an Announce Complete Cancellation of Property Purchase Restrictions
In a surprising move, the major cities of Hangzhou and Xi’an both announced within one day the complete cancellation of property market purchase restrictions. This decision signifies a major shift in the real estate market in these cities.
On May 9, Xi’an City in Shaanxi Province issued a notice stating that housing purchase restrictions in the city will be completely lifted. This means that households no longer need to meet specific qualifications when purchasing new commercial housing or second-hand housing in Xi’an. This announcement puts Xi’an in a small group of cities across the country that have completely removed purchase restrictions.
In addition to Xi’an, only a handful of cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hainan Province, and Tianjin City, still have some form of purchase restrictions in place. The decision to lift these restrictions in Xi’an is seen as a significant step towards promoting a healthy and stable real estate market in the city.
The notice from Xi’an City outlined several key points, including the cancellation of housing purchase qualifications, adjustments to parking space planning ratios, and the promotion of the “old-for-new” home purchase model. The city also aims to support real estate companies, brokerage agencies, and financial institutions in streamlining the real estate transaction process.
Meanwhile, Hangzhou City in Zhejiang Province also announced the complete cancellation of housing purchase restrictions on the same day. This move aims to optimize the real estate market control policies in the city and promote a more balanced supply and demand of housing.
The decision to lift purchase restrictions in both Hangzhou and Xi’an comes at a time when the real estate market in these cities is showing signs of growth. In Xi’an, new house prices have been rising for 13 consecutive months, indicating a strong demand for properties in the city. Similarly, Hangzhou has seen an increase in the supply of residential land and a rise in the sales performance of real estate companies.
Overall, the complete cancellation of housing purchase restrictions in Hangzhou and Xi’an is expected to have a positive impact on the real estate market in these cities. It is also seen as a reflection of the changing dynamics in the real estate sector nationwide, as more cities work towards promoting a healthy and stable housing market for residents.