The Sanya Housing and Construction Bureau has decided to lift its housing purchase limit in the city and the new policies will be implemented on October 7th, 2014.
According to Liu Shuguo, Secretary of the Sanya Property Association, non-local residents or local second-home buyers who intend to purchase commercial residential apartments, including second-hand apartments, no longer need to submit certification of a year of social security or income tax payments.
In the first six months of 2014, Sanya saw a 40% year-on-year decline in the commercial housing transaction area, according to the Hainan Provincial Statistics Bureau.
“Some slightl advantages will be brought to the property market after the official lift of house purchase limits in Sanya since most potential buyers are from other cities in China,” said a real estate insider in Sanya.
Sanya will be the last second-tier city to scrap the housing purchase limits that were placed on non-local residents and local second-home buyers in 2011 to cool off its red-hot property market.
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