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Shanghai is now allowing residents from outside the city to purchase new properties anywhere within the metropolitan area if they have paid social insurance for at least one year. This move is part of ongoing efforts to ease homebuying restrictions and stimulate the sluggish real estate market.
Previously, non-local families were restricted to buying only outside the Outer Ring Road. Starting tomorrow, individuals from outside Shanghai can purchase new homes anywhere in the city, provided they have contributed to social insurance for a minimum of one year, as announced by the government. Additionally, non-local families with three years of social insurance payments can now buy up to two properties within the Outer Ring Road.
This revised housing policy introduces three main categories with seven specific adjustments designed to make homeownership more accessible and support stable residents’ housing needs. It particularly benefits those working in city services or for companies based outside Shanghai, who were previously unable to buy property due to a lack of local social security contributions. Now, those holding a residency permit for five years can qualify for home purchases. The updated rules consider not only the duration of social insurance payments but also the length of residency permits.
Experts note that these changes significantly lower the barriers for non-local families to buy homes in Shanghai and reduce the associated waiting costs.
The new measures address diverse housing needs, aiding local and non-local families alike, as well as individuals engaged in essential urban services and larger families. When combined with existing easing policies, this should boost demand for home purchases, facilitate property exchanges, and foster a stable, healthy real estate market.
The city is also introducing favorable loans and tax incentives. For first-time homebuyers, the maximum mortgage loan through the public housing fund has been increased to CNY 3.2 million (approximately USD 465,880) from CNY 1.6 million.
Furthermore, adult children of Shanghai residents will no longer be subject to property tax on a home they acquire as their only residence. Previously, while their initial home was exempt from property taxes, any replacement home could trigger taxation.
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