Yeongdeungpo District Minimizes Confusion Over '10·15 Real Estate Policy'... Expands Training for Realtors and Consultation Services

Prompt Response to a Changing Administrative Environment

Yeongdeungpo District in Seoul (Mayor Cho Hogwon) announced on November 18 that it has provided training for licensed real estate agents in the district and expanded its civil consultation services to minimize confusion and inconvenience for residents resulting from the government's '10·15 Real Estate Policy'.

Cho Hogwon, Mayor of Yeongdeungpo District Office. Provided by Yeongdeungpo District Office.

Under this new real estate policy, the land transaction permit zones in Yeongdeungpo District have been expanded from the previous 10 areas, which included redevelopment and reconstruction candidate sites, to now cover all apartment complexes within the district. In addition, as the entire city of Seoul has been designated as a speculative overheated district, home buyers are now required to submit a funding plan, a move-in plan, and supporting documents when reporting a transaction.

As regulations and procedures have become stricter, there has been a surge in inquiries from sellers and real demand buyers regarding transaction reporting procedures, permit conditions, and required documents. In fact, since the implementation of the 10·15 policy, the district office has received an average of 20 land transaction permit applications and about 100 related inquiry calls per day. Reviewing the additional supporting documents required for transaction reporting now takes more than twice as long as before.

In response, the district, together with the Yeongdeungpo Branch of the Korea Association of Realtors, conducted training for approximately 500 licensed real estate agents in the district on November 10. The training provided guidance on precautions when applying for land transaction permits, transaction reporting procedures in speculative overheated districts, and examples of the revised real estate tax law, while also addressing practical difficulties through on-site Q&A sessions.

Additionally, to cope with the increasing number of civil complaints, the district has increased the number of staff responsible for real estate transaction reporting from three to four and added one more dedicated reception counter. Through these measures, the district aims to reduce inconvenience for residents and promptly provide information on the revised system.

Cho Hogwon, Mayor of Yeongdeungpo District, stated, "Although regulations and procedures have been significantly strengthened, we have conducted training and reinforced our staff to minimize inconvenience for residents. We will continue to respond swiftly to the changing administrative environment and provide civil services that satisfy our residents."

This content was produced with the assistance of AI translation services.