Seoul Mayor Oh Se-hoon’s Remarks at Housing and Architecture Headquarters Briefing on the 16th
"Deep Concern Over Unstable Conditions in Major Reconstruction Complexes"
"Speed Is Important, but Preliminary Measures for Price Stabilization Are Necessary"
[Asia Economy Reporter Onyu Lim] Seoul Mayor Oh Se-hoon emphasized that "acts that destabilize the real estate market will not be tolerated" and ordered an immediate review of designating land transaction permission zones in areas where housing prices have recently surged, such as Apgujeong-dong in Gangnam-gu.
On the morning of the 16th, during a briefing by the Seoul Housing and Architecture Headquarters, Mayor Oh expressed deep concern over the unstable situation in the real estate market, where major reconstruction complexes are concentrated. He also voiced "serious concerns" regarding reports of a new record price of 8 billion KRW for Hyundai 7th Complex in Apgujeong-dong, which is currently undergoing reconstruction.
During his candidacy, Mayor Oh pledged various deregulation measures to normalize reconstruction, including lifting the 35-floor height limit along the Han River and increasing floor area ratios. Following this, expectations for reconstruction projects have risen, causing housing prices to surge in specific areas such as Apgujeong-dong, Jamsil-dong in Songpa-gu, Yeouido-dong in Yeongdeungpo-gu, and Mok-dong in Yangcheon-gu.
At this meeting, Mayor Oh stressed that "Seoul's housing supply policy, which aims for a long-term downward stabilization of the real estate market, must not make the mistake of causing market instability."
As he stated during his candidacy, Mayor Oh pointed out that "(still) the speed of housing supply is important, but preventive measures for price stabilization must come first."
Accordingly, Seoul plans to review the additional designation of some areas, including Apgujeong-dong, as land transaction permission zones. Currently, Daechi-dong, Cheongdam-dong, and Samseong-dong in Gangnam-gu, as well as Jamsil-dong in Songpa-gu, are designated as land transaction permission zones.
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