BEIJING, January 31 (TMTPOST)—Shanghai has announced its decision to relax its home purchase restrictions, opening the property market to unmarried individuals without local residency who have been taxpayers in the city for a minimum of five years. （announced to relax 语法错误）

The move is intended to address a pertinent issue affecting a significant number of unmarried individuals, as part of the effort to boost demand in the property market. Industry analysts emphasize that this measure, coupled with other supportive policies, will play an essential role in stimulating the local property market. 

According to a notice issued on Tuesday by housing authorities in Shanghai, non-local residents meeting the criteria of paying income taxes in the city for at least five years are now permitted to purchase a home on the outskirts of Shanghai. The decision reflects the city's commitment to adapting its policies to the evolving situation of the property market.

This aligns with a broader policy trend across various Chinese cities, where authorities are actively implementing measures to invigorate home sales and ensure stability in property prices. On the same day, Suzhou in East China's Jiangsu province also decided to remove all restrictions on home purchases, without any qualification requirement for a homebuyer.

Many industry insiders hold that Suzhou, as an industrial city with a significant proportion of migrant population, will benefit from the removal of home purchase restrictions. This move will help foster market activity, and promote the steady and sound development of the local property market.

These policies were announced just before the Chinese New Year holiday, when many migrant workers return their hometown from the city of their work. As people will have time for apartment viewings, it is anticipated that this will lay the groundwork for a revived property market in the new year.

Meanwhile, the central government officials are undertaking multiple initiatives to support property developers and address challenges facing the industry. Last Friday, the Ministry of Housing and Urban-Rural Development issued a document urging localities to adjust and fine-tune real estate policies according to local conditions. The goal is to achieve positive outcomes and ensure the steady development of the real estate sector.

The ministry additionally pledged to support real estate development programs through coordinated mechanisms and treat developers of different ownership impartially by approving their reasonable financing demand.

One day earlier, the National Financial Regulatory Administration (NFRA) vowed to step up efforts to bolster the property sector and meet the reasonable financing demand of real estate companies.

Xia Lei, Chief Economist of Guohai Securities, believes that the property market will continue to be a crucial factor determining China's macroeconomic performance in 2024.

Xia pointed out that the property development sector is a cornerstone of the national economy for all countries alike. Looking ahead to 2024, although China has shifted focus to the quality of economic development, a certain growth rate needs to be maintained to ensure quality.