Photo taken on May 20, 2014, shows a project still under construction in Jinan, capital of Shandong province. [Photo/IC]

Jinan ends restrictions on purchasing new and second-hand homes, local media reported on Wednesday.

The change extends to both locals and outsiders, and marks the definitive end to the policy that has limited home purchases in the Jinan real estate market for over three years, according to Qilu evening newspaper

Locals and outsiders can now purchase properties in the provincial capital of Shandong regardless of how many homes they already own.

The limits on acquiring properties first came into force in March, 2011.

As part of the policy, locals with two homes or more, outsiders with one home or more, and those who could not provide proof of income tax or social security payment were prevented from buying homes in the city.

Earlier, Jinan City Construction Committee had announced on July 3 that it was investigating possible adjustments to the city's restrictive home purchasing policy in order to promote the healthy and steady development of Jinan's real estate market.

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