- Significant easing of real estate regulations including deregulation of restricted areas and relaxation of resale restrictions following government announcement on January 3
- Sharp increase in interest for regulation relief beneficiary complex 'Dosimyeok Hanyang Sujain Riverpine'... Binding contracts ongoing until January 5
The government has decided to significantly ease real estate regulations and announced that these changes will be applied retroactively to complexes currently under pre-sale, raising expectations that the pre-sale market will regain momentum.
On the 3rd, the Ministry of Land, Infrastructure and Transport announced regulatory easing measures aimed at normalizing the real estate market. First, as of midnight on January 5, all areas except Gangnam, Seocho, Songpa, and Yongsan districts in Seoul were completely removed from the Speculative Overheated District, Adjustment Target Area, and Speculative District designations, and the private land price ceiling system was fully lifted. Additionally, the restrictions on resale periods will be shortened, and the obligation for actual residence in price ceiling system housing will be abolished.
With these previously stringent regulations on the housing market being lifted, there is growing anticipation that warmth will return to the real estate market. In particular, since the easing of resale restrictions and the abolition of the actual residence obligation will be applied retroactively to complexes sold before the government’s announcement, it is expected to have a significant impact on the somewhat subdued pre-sale market.
In fact, since the 3rd, at the model house of 'Dosimyeok Hanyang Sujain Riverpine,' which has entered the official contract period, inquiries from customers seeking information about the benefits applied to the complex after the government announcement have been increasing.
At Dosimyeok Hanyang Sujain Riverpine, the resale restriction period, which was previously locked for up to three years, is expected to be drastically shortened to six months. Also, the HUG (Housing and Urban Guarantee Corporation) guarantee limit for interim payment loans will be removed, and the obligation for winners of the lottery system who own one house to dispose of their existing home will be abolished.
A sales official stated, “With Namyangju City, where the complex is located, already removed from the Adjustment Target Area, the recent regulatory easing has significantly reduced the burden for both actual demand and investment demand,” adding, “The complex continues to see steady contracts and consultations due to its premium advantages such as its proximity to Seoul and the future value of the Deokso Redevelopment Promotion District.”
Meanwhile, Dosimyeok Hanyang Sujain Riverpine is being developed in Wabu-eup, Namyangju City, consisting of 12 buildings ranging from 2 basement floors to 22 above-ground floors, with units sized between 39 and 84 square meters, totaling 908 households (485 units for general sale).
The complex is considered to have excellent accessibility to Seoul within the metropolitan area. It offers quick access to the Gangnam area via Dogok IC, Deokso-Sampae IC, and Misa Bridge, and is located in the immediate vicinity of Dosimyeok Station on the Gyeongui-Jungang Line, providing outstanding access to downtown Seoul.
The specialized design that will enhance the symbolic status of the first large-scale complex in the Deokso Redevelopment Promotion District is also notable. A grand-scale panoramic gate will be constructed at the main entrance, and the complex will feature a curtain wall look with a striking exterior and scenic-view windows typically found in the Gangnam area. Inside the complex, various landscaping facilities are planned, including a ‘Waterfall Garden’ where residents can relax to the sound of flowing water, a ‘Welcome Rock Garden’ offering a nature-like landscape, and an ‘Aqua Play Garden’ children’s playground for water play.
The interior product quality of the units is also excellent. In particular, when balconies are extended (except for the 39㎡ units), the provided features are enhanced to increase product value. The kitchen is designed in an L- or U-shape for efficient movement and storage when the balcony is extended, and includes luxurious ceramic walls and countertops, as well as an induction hybrid cooktop. When the balcony is extended, the living room is upgraded with a coffered ceiling and high airtightness lift sliding system windows, which are superior to those in non-extended units.
The official contract period for Dosimyeok Hanyang Sujain Riverpine will be held at the model house until January 5.
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