Currently Accessible, But Intermittent Delays Persist
Immediately after the government announced the 10·15 Housing Market Stabilization Measures, the Ministry of Land, Infrastructure and Transport's website experienced a temporary access disruption.
The Ministry of Land, Infrastructure and Transport's website experienced a temporary access disruption due to a surge in users. Ministry of Land, Infrastructure and Transport website
At 10 a.m. on the 15th, the Ministry posted a press release detailing the housing market stabilization measures on its website.
Afterwards, a surge of users trying to access the information caused the server to become overloaded. As a result, access to the press release page was delayed or errors appeared for a period of time. It appears that the temporary server disruption was caused by the concentration of access immediately following the announcement.
Currently, the website is accessible, but intermittent delays are still occurring.
The government announced housing market stabilization measures on this day. This was in response to the rapid rise in housing prices and transaction volume, particularly in Seoul and some areas of Gyeonggi Province, which has led to growing instability in the housing market.
The Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, the Financial Services Commission, the Office for Government Policy Coordination, and the National Tax Service held a meeting of real estate-related ministers at the Seoul Government Complex in Sejong-ro, Seoul, on the morning of the same day. They announced that all areas of Seoul and 12 regions in Gyeonggi Province (Gwacheon, Gwangmyeong, Bundang-gu/Sujeong-gu/Jungwon-gu in Seongnam, Yeongtong-gu/Jangan-gu/Paldal-gu in Suwon, Dongan-gu in Anyang, Suji-gu in Yongin, Uiwang, and Hanam) would be designated as regulated areas and land transaction permit zones.
In these regulated areas, the loan-to-value (LTV) ratio for mortgage loans will be tightened from the current 70% to 40%. The debt-to-income (DTI) ratio will also be reduced to 40%. The designation of regulated areas will take effect starting on the 16th.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
