"Avoiding Price Ceiling and Resale Restrictions... The Heated Summer Housing Sale Battle"

[Asia Economy Reporter Kim Yuri] A big boom is expected in the housing sales market this summer. Major redevelopment sites in Seoul and other areas are rushing to announce tenant recruitment before the private land price ceiling system is applied, and with the addition of units aimed at avoiding the metropolitan area resale restriction regulations, a flood of sales units is expected to be pushed out in July.

According to Real Estate 114 and others on the 19th, the total number of planned housing units for sale in the metropolitan area including Seoul, Incheon, and Gyeonggi in July is expected to reach 22,483 units. Compared to 8,004 units in March and 9,457 units in April in the metropolitan area, this is more than double the amount. Considering that July is generally an off-season for sales due to the vacation period, this is unusual.

Among the planned sales units in July, 17,076 units will be in Seoul alone, accounting for 76% of the total metropolitan area units. Large-scale reconstruction projects such as the 12,032-unit Dunchon-dong Jugong Apartments in Gangdong-gu, as well as Sinwol Paragon (299 units) in Sinwol-dong, Yangcheon-gu, Jeungsan 2 District (1,386 units) in Jeungsan-dong, Eunpyeong-gu, and Susaek 6 (1,223 units), Susaek 7 (672 units), and Susaek 13 District (1,464 units) in Susaek-dong, Eunpyeong-gu, are scheduled for consecutive sales. Regarding the highly anticipated Dunchon Jugong, negotiations on the sale price with the Housing and Urban Guarantee Corporation (HUG) are currently at an impasse, and alternatives such as post-sale are also being discussed; however, according to the existing plan, construction is scheduled to start at the end of this month, with tenant recruitment announcements at the end of June, and full-scale sales beginning in July. Jeungsan 2 District in Eunpyeong-gu is also accelerating its schedule, planning a general meeting for management disposition changes on the 23rd.

Outside Seoul, resale restrictions in the metropolitan area are expected to be a turning point. From August, even in areas that are not regulated such as adjustment target areas, resale of housing sale rights for homes supplied in private land in most metropolitan and provincial metropolitan cities will be prohibited. Accordingly, major complex sales in areas such as Incheon will continue from this month. Gwangmyeong Prugio Forena (1,187 units) in Cheolsan-dong, Gwangmyeong-si, Siheung Siwha MTV Geumgang Pentarium (930 units) in Jeongwang-dong, Siheung-si, Jungang 3 District (799 units) in Uijeongbu-dong, Uijeongbu-si, and Paju Unjeong 2, 3, and 5 Daebang Nobland (1,104 units) in Dayul-dong, Paju-si are preparing for sales in July.

From August, when the amendment to the Enforcement Decree of the Housing Act is expected to be implemented, resale of housing sale rights for homes supplied in private land within the metropolitan area’s overpopulation control zones, growth management zones, and metropolitan city urban areas will be prohibited until move-in. Previously, the resale restriction period for homes supplied in private land in non-regulated metropolitan and metropolitan city areas was six months. The overpopulation control zones include non-regulated areas such as Incheon City (excluding some areas like the Free Economic Zone), Uijeongbu, Siheung, and Bucheon, while the growth management zones include Dongducheon, Paju, Osan, Pocheon, Hwaseong, Yangju, and Yeoncheon-gun.

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