Pre-Booking Quantities Confirmed for 3rd New Towns
Four Installments from July to December
Party-Government Talks on Comprehensive Real Estate Tax Reform Also Accelerated
[Asia Economy Reporters Mun Je-won, Kim Hyun-jung] The final allocation of 30,200 pre-sale housing units in the Seoul metropolitan area, set to be fully implemented from July, has been confirmed. The government will conduct pre-sales four times from July to December in major metropolitan areas including the 3rd New Towns such as Incheon Gyeyang and Hanam Gyosan, as well as Seongnam and Gwacheon.
The Ministry of Land, Infrastructure and Transport announced on this day that it has finalized the pre-sale sites and supply quantities to be implemented from July and will enforce detailed guidelines starting from the 21st. The pre-sale system is a policy that advances the supply timing of public sale housing on public land by about 1 to 2 years to alleviate housing insecurity early for actual homebuyers without homes.
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held the 20th Real Estate Market Inspection Meeting with related ministers at the Government Seoul Office and said, "From July onwards, pre-sales for the 3rd New Towns will begin, and the 2·4 Plan project sites will be officially designated, so it is expected that the public’s perception of housing supply measures will broaden."
In July, 4,400 units will be supplied in the 3rd New Towns such as Incheon Gyeyang and Wirye New Town, and in October, 9,100 units will be supplied in Namyangju Wangsuk 2 District, Seongnam Sinchon, Nakseong, and Bokjeong 2. In November, 4,000 units will be supplied in Hanam Gyosan and Gwacheon Juam, and finally in December, 12,700 units will be released in the 3rd New Towns including Namyangju Wangsuk, Bucheon Daejang, and Goyang Changneung. All of these are closer to Seoul and have better transportation compared to previous new towns.
The government plans to expedite consultations between the ruling party and government regarding real estate tax reforms, including raising the comprehensive real estate tax threshold, while resolving housing supply concerns through pre-sales.
Deputy Prime Minister Hong said on this day, "Under the broad framework of expanding housing supply, eradicating speculative demand, and protecting actual homebuyers, the principle and direction to stabilize the real estate market and housing will be maintained," but added, "In terms of quickly removing market uncertainties, we will review the issues raised so far and proceed with the consultation process between the ruling party and government as quickly as possible."
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