Interest is focusing on Pyeongtaek City in Gyeonggi Province, where barriers to homeownership such as subscription and loans have significantly lowered due to the lifting of the regulated area designation.
Pyeongtaek City in Gyeonggi Province, along with Anseong, Dongducheon, Yangju, and Paju, was removed from the regulated areas on the 21st of last month. This measure frees the city from various regulations including subscription, loans, resale, and taxes, accelerating housing purchases by demanders.
In particular, Pyeongtaek, which has abundant job opportunities, saw the lifting of regulations after being designated as a regulated area in June 2020 for 2 years and 3 months, and it is expected that a large influx of demanders who had been unable to overcome various regulatory hurdles will occur.
A real estate expert said, “Pyeongtaek, which has various development prospects, has high expectations for price increases, which is why the government had kept it as a regulated area,” adding, “With this lifting of the designation, the barriers to homeownership have greatly lowered, and not only actual demanders but also investors are turning their attention to Pyeongtaek.”
Once removed from the regulated area, the subscription priority savings account membership period is reduced from 2 years to 1 year, and multi-homeowners can also apply for subscriptions. Especially, the 7-year restriction on re-winning subscriptions in regulated areas is lifted, and the obligation to report funding plans and submit supporting documents when acquiring housing is also eliminated.
The financial burden is also greatly eased. The interim payment loan limit is raised from the existing 50% to 60%, and the guarantee limit for interim payment loans increases from 1 case per household to 2 cases, significantly reducing the financial burden on demanders.
Meanwhile, a large-scale apartment complex under the ‘Hillstate’ brand is scheduled to be supplied this year in the Huayang District, which has emerged as a new residential area in Pyeongtaek.
Hyundai Engineering plans to sell 1,571 units in the area of Hyeondeok-myeon, Pyeongtaek City, Gyeonggi Province (Huayang District Block 5).
The Huayang District, where the complex is located, is a mini-new town-level development project with excellent living conditions. The Huayang District is being developed on a site of about 2.79 million square meters, comparable to the size of Yeouido (about 2.9 million square meters), with a planned population of about 50,000 people (about 20,000 households), and various infrastructure such as public offices, schools, hospitals, and parks are systematically prepared.
Accessibility to Seoul will also improve with the expansion of transportation networks. The Anjung Station on the Seohae Line double-track railway, scheduled to open in 2024, will be easily accessible by public transportation, and once the ‘Seohae Line KTX High-Speed Rail Network Construction Project,’ which directly connects the Seohae Line double-track railway and the Gyeongbu High-Speed Railway (KTX), is completed, it will be possible to reach Seoul Station from Anjung Station within 30 minutes.
The demand base is also solid. The adjacent Asan National Industrial Complex (Poseung District, Wonjeong District), where a total of 23,581 workers were employed as of the first quarter of 2022, and the nearby Poseung (BIX) District of the Hwanghae Free Economic Zone, where automotive parts, chemical, and machinery-related companies such as Hyundai Mobis are moving in, provide abundant demand for proximity to work.
With this regulatory lifting expected to activate demanders’ entry into the subscription market, this is the first ‘Hillstate’ brand apartment to be introduced in the Huayang District.
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