SHANGHAI announced a batch of measures yesterday in a bid to cool the city’s overheated housing market Black Amara Darboh Jersey , fearing that rapidly surging home prices pose a threat to its stability and healthy development.
From today, buyers of second homes will have to pay a minimum 70 percent down payment if the property is defined as a “non-normal” home, and a minimum 50 percent if the house is “normal.” Previously, a 40 percent deposit was required for both types of house.
Normal homes within the Inner Ring Road are defined as those no larger than 140 square meters and costing less than 4.5 million yuan (US$691,000). Between the Inner and Outer Ring roads, normal houses are those costing under 3.1 million yuan and beyond the Outer Ring Road Black Nazair Jones Jersey , below 2.3 million yuan.
All other homes are considered “non-normal.”
In addition, home buyers seeking bank loans for a second home after paying off the mortgage on their first home will be considered second-home buyers, the city government said. Previously, those buyers were considered first-time buyers at commercial banks.
Also under the new measures, non-local residents will only qualify to purchase a house if they can provide tax or social insurance certificates confirming that they have stayed in the city for more than five consecutive years. Previously, they would be entitled to buy a home after a stay of 24 months accumulated over a three-year period.
“Home prices in Shanghai have been rising at a notably faster pace since the second half of last year with some irrational sentiment becoming prevalent among buyers in some areas Black Delano Hill Jersey ,” said Gu Jinshan, chief of the city’s housing and urban-rural development administration.
“Abundant liquidity and preferential credit and tax policies, a capital shift from the stock market and lower-tier cities to property markets in gateway metropolises, continuously robust housing demand from local residents and tight home inventories are some of the major reasons behind the soaring prices,” Gu said.
Irregularities involving real estate developers, property agencies and some financial institutions Black Shaquill Griffin Jersey , such as providing loans raised in the gray market for down payments, also fueled investment and speculative momentum in the market, Gu said.
“It is time to cool off the market and the latest series of tightening measures, expected to leave quite significant impact on the local property market, is a good sign because an overheated market will create huge bubbles,” said Joe Zhou Black Ethan Pocic Jersey , head of China research at Jones Lang LaSalle, an international real estate services provider. “However, the biggest issue in the market now should be how to tackle the inadequate home supply instead of curbing home prices.”
The new policies will probably reduce the number of transactions in the short term while prices are not likely to suffer a notable drop because of the city’s status as China’s financial hub, according to JLL.
The city is also stepping up efforts to regulate the market, including better supervision and oversight of real estate practices and financing, and giving priority to the development of small to medium-sized units.
The city will also increase the supply of land for residential development and establish a mechanism in which official information and data pertinent to the property market Black Malik McDowell Jersey , such as land supply, home inventory and average housing prices, will be released on a regular basis.
James Macdonald, director of China research at international property consultancy Savills, said house prices should remain firm in the short term and would only come under pressure if the new policies remained in place for an extended period of time, which could result in a buildup of unsold inventory.
Data from the National Bureau of Statistics showed that house prices in China rose at their fastest pace in almost two years in February amid bullish demand in first-tier and some second-tier cities.
In Shanghai Frank Clark Jersey , new home prices rose 2.9 percent last month from January, closely trailing Shenzhen where the average cost of new homes climbed 3.9 percent month on month, the fastest increase among the 70 cities tracked by the bureau.
In the existing home market, prices of pre-occupied houses rose 5.3 percent from a month earlier, also the second-highest growth among the 70 cities.
Home prices in Daning in Jing’an District, for instance Rees Odhiambo Jersey , jumped 160 percent over the past 12 months, Gu said, citing it as an extreme example of rising prices in Shanghai.
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