New policies for Hangzhou property market

New policies for the Hangzhou property market: Adjustment of purchase restriction groups and purchase restriction scope.

1. Adjustment of purchase restriction groups

Starting from March 29, 2017, restrictions on single adult residents (including divorced persons) with household registration in the city who own one or more houses will be suspended within the urban area. ) people or registered households in this city who own two or more houses sell newly built commercial housing and second-hand housing. Non-local residents who purchase their first home must provide proof of continuous social security payments in the city for 2 years or more within the first three years from the date of purchase. Sales of new homes to non-local residents who own one or more homes are suspended.

2. Adjustment of purchase restriction scope

Including Shangcheng District, Xiacheng District, Jianggan District, Gongshu District, Xihu District, Hangzhou High-tech Development Zone (Binjiang), Hangzhou Economic and Technological Development Zone, Hangzhou Zhijiang National Tourism Resort, Xiaoshan District, Yuhang District, Fuyang District and Dajiangdong Industrial Cluster Area. Within the urban area, for households that already own a house, or do not have a house but have a housing loan record, the second home credit policy is implemented, and the down payment of the provident fund and commercial loan is not less than 60%.

The current situation facing Hangzhou’s property market

In the past 2022, Hangzhou’s economic data ranked 9th among more than 300 cities in the country. According to the total permanent population of Hangzhou City, Hangzhou's development level has already reached the standards of a developed city. Hangzhou's Internet technology industry has developed rapidly in recent years, and this area has incubated a large number of unicorn-level technology companies.

Hangzhou’s status in the hearts of young people is getting higher and higher. Many people define Hangzhou as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou. For the Hangzhou property market, there is both confidence and strength. This city does not lack purchasing power at all. Even if there is no inflow of foreign population, the city's real estate market still has a lot of room for development.