Real Estate Regulation Reverted to Five Years Ago
Deregulation areas except Gangnam 3-gu and Yongsan
Excluded from transfer tax and LTV 70%
Intermediate payment loan without pre-sale price limit
GTX to open sequentially from the first half of next year
尹 orders the Ministry of Land, Infrastructure and Transport to “promptly promote”
▲ To prevent a hard landing in the housing market, the government will largely lift regulations in all areas except Gangnam District 3 and Yongsan District in Seoul. The photo shows apartments and residential areas in Songpa-gu and Gwangjin-gu, Seoul on the 3rd.
Reporter Do Jun-seok
Dobong, Gangbuk, Nowon, Seongbuk, Eunpyeong, Jongno, Jungnang, Dongdaemun, Seodaemun, Mapo, Seongdong, Gwangjin, Gangseo, Yangcheon, Guro, Yeongdeungpo, Geumcheon, Dongjak, Gwanak, Gangdong, Jung-gu, and Gyeonggi Gwacheon, Seongnam (Bundang, Sujeong) · Hanam · Gwangmyeong 4 cities.
This is a list of areas where the real estate deregulation was announced by the Ministry of Land, Infrastructure and Transport on the 3rd when it reported the “2023 Business Plan” held at the Blue House guesthouse to President Yoon Seok-yeol.
The Ministry of Land, Transport and Maritime Affairs announced an additional deregulation policy on the same day following the release of overheated speculative districts and areas subject to adjustment in November of last year, except for all of Seoul and four cities in Gyeonggi Province. These areas were also excluded from speculative areas subject to financial regulation.
The reason why the 3 districts of Gangnam (Seocho, Gangnam, Songpa) and Yongsan-gu remain as regulated areas is that demand in these areas is still high and there are concerns regarding rising house prices. For the same reason, the sale price cap system, which was lifted in most areas on the same day, was also decided to be maintained in 73 districts in Gangnam District 3 and Yongsan District.
In addition, for the freedom of relocation of residence, the actual residency obligation, which applies for up to 5 years for housing with a ceiling on the sale price in the metropolitan area and 2 years for general sale for public redevelopment, will be abolished. In addition, the enforcement ordinance will be revised to improve the resale limit, which is up to 10 years in the metropolitan area and up to 4 years in the non-metropolitan area, to 3 years and 1 year respectively.
Interim payment loan regulations will also be lifted. The upper limit of the pre-sale price that can be guaranteed by the Housing and Urban Guarantee Corporation (HUG) was 1.2 billion won.
In addition, the sale price regulation of 900 million won for specially supplied apartments, which are preferentially assigned to newlyweds and young people, will be abolished next month, and the obligatory requirement to dispose of the existing house within two years if a homeowner wins the subscription will also be removed. In addition, following the main subscription, it is promoted to allow not only homeless people but also homeowners to apply for subscriptions for uncontracted quantities that result from giving up winnings or canceling contracts.
The Ministry of Land, Transport and Maritime Affairs also reported plans to reduce commuting time through the expansion of metropolitan transportation networks such as the GTX. GTX-A, which connects Unjeong Station in Paju, Gyeonggi Province, to Samseong Station in Seoul, and Dongtan Station in Hwaseong, will open sequentially from Suseo to Dongtan in the first half of next year. It plans to open the Unjeong-Seoul Station section in the second half of next year and connect all sections in the second half of 2025. Samseong Station will be connected in 2028.
GTX-B, which runs through Incheon and Namyangju, Gyeonggi-do from east to west, will start construction in stages from the financial section (Yongsan-Sangbong) in the first half of next year, and construction of GTX-C, which connects Yangju and Suwon, Gyeonggi-do, will begin construction in the second half of this year following signing a concession agreement. For additional routes such as GTX extension and D E F, plans for each route will be established by June, reflected in the national plan within the government’s term, and a preliminary feasibility study will be carried out.
President Yoon ordered the rapid promotion of GTX along with the easing of real estate regulations. President Yoon said, “For the GTX-A line, the hydrogen-dongtan section should be opened first at the beginning of next year, and for the B line, construction should begin early next year. requested
Sejong Ok Seong-gu, Seoul Reporter Ahn Seok