The city of Guangzhou in south China's Guangdong Province has lifted restrictions on buying home properties, a significant step for the first-tier city to optimize the property market further.
Starting on Monday (Sept. 30), the qualification for purchasing homes will no longer be reviewed, and there will be no restrictions on the number of homes purchased for families and single individuals with or without local household registration in the city, according to a circular issued by the general office of the municipal government issued on Sunday night.
This policy adjustment aligns with the national government's directives regarding real estate market regulation and aims to meet the housing needs of citizens while optimizing the market supply structure. Under the new policy, both registered residents and non-registered residents, as well as single individuals, will no longer be subject to qualification reviews or restrictions on the number of properties they can purchase within the city.
The Guangzhou government indicated that this adjustment will help stimulate market vitality and promote the healthy development of the real estate sector. At the same time, the government will continue to strengthen its regulation of the real estate market to ensure market order remains stable.
Previously, Guangzhou had implemented home purchase restrictions in areas such as Yuexiu, Haizhu, Liwan, Tianhe, Baiyun (excluding Jianggao Town, Taihe Town, Renhe Town, and Zhongluotan Town), and Nansha. Under the earlier regulations, non-registered residents and single individuals needed to provide proof of continuous payment of personal income tax or social insurance for six months when purchasing homes in restricted areas, and there were limits on the number of properties they could buy.
Journalists have noted that the Guangzhou housing market has been relatively sluggish this year, with transaction volumes declining. However, overall sales performance remains impressive. Although August is traditionally a slow season for the housing market, the area of new homes sold in Guangzhou was 511,500 square meters, a 16.5% decrease from the previous month but a 16.1% increase year-on-year.
Previously, Guangzhou had relaxed purchasing policies for residents from Hong Kong, Macao, Taiwan, and foreign nationals, allowing them to buy one residential unit under 120 square meters in restricted areas, and there were no limits on the number of properties they could purchase in non-restricted areas or for units over 120 square meters in restricted areas.
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