Notable Complex in Non-Regulated Areas of the Seoul Metropolitan Area: 'Yongin Gyeongnam Honorsville Decent'

- Real Estate Market in Non-Regulated Areas of the Seoul Metropolitan Area 'Active'... Balloon Effect Due to Strong Measures
- High Proportion of Interim Payment Loans in Non-Regulated Area Gyeonggi Yongin City, Focus of Genuine Buyers' Interest

As the real estate market cools somewhat with the start of the new year, demand continues to concentrate mainly in non-regulated areas where regulatory impacts are less severe.

In particular, interest in non-regulated areas within the Seoul metropolitan area remains high. Since the current government has implemented strong regulations across the entire metropolitan area, non-regulated areas, where loans and subscription conditions are relatively freer, are benefiting from this as a spillover effect.

This is also why recent buyers are focusing on Cheoin-gu, Yongin-si, Gyeonggi-do. Some parts of Cheoin-gu in Yongin-si are rare non-regulated areas in the metropolitan region, relatively free from restrictions on subscriptions and loans. Because the initial housing fund burden is lighter, it is regarded as an opportunity for homeownership among non-homeowners with actual demand.

In fact, it is popular in the subscription market as well. According to Korea Real Estate Board’s Subscription Home, in February this year, ‘Hillstate Monteroi’ in Cheoin-gu, Yongin-si, Gyeonggi-do, recorded an average competition rate of 15.13 to 1 with 31,877 applications for a total of 2,107 households (excluding special supply) across three blocks. It is evaluated that the rarity of being a non-regulated area in the metropolitan region contributed to this success.

A real estate expert said, “Although expectations for deregulation are growing after the presidential election, it is expected to take a considerable amount of time before actual policies are implemented, so the real estate market in non-regulated areas is still vibrant,” adding, “With market uncertainties such as base interest rate hikes unresolved, the heated subscription market centered on non-regulated areas is expected to continue for the time being.”

Meanwhile, a mammoth-scale large complex is drawing attention as it is announced for sale in Yangji-myeon, Cheoin-gu, Yongin-si, a non-regulated area. The protagonist is ‘Yongin Gyeongnam Honorsville Decent,’ which SM Gyeongnam Enterprise will launch this month.

‘Yongin Gyeongnam Honorsville Decent,’ located in Namgok-ri, Yangji-myeon, Cheoin-gu, Yongin-si, consists of 17 apartment buildings ranging from 2 basement floors to 20 floors above ground across three blocks, totaling 1,164 households. All units are composed of a single preferred exclusive 84 type, known as the ‘national standard size,’ attracting strong interest from buyers even before the sale.

‘Yongin Gyeongnam Honorsville Decent’ has high investment value based on various development benefits. Large-scale development projects such as the Yongin Semiconductor Cluster and Yongin International Logistics 4.0 Distribution Complex are planned near Yangji-myeon, Cheoin-gu, where the complex is located. This is expected to positively impact the local economy through large-scale job creation as well as the nearby real estate market.

Additionally, Yangji-myeon, Cheoin-gu, is excluded from the regulated area, allowing resale after six months. The maximum limit on interim payment loans applies, and anyone aged 19 or older (with a subscription savings account) can apply, making it an excellent opportunity for homeownership.

Meanwhile, a model house for ‘Yongin Gyeongnam Honorsville Decent’ is planned to be prepared.