[6·17 Real Estate Measures] Uninhabited Island 'Silmido' Designated as a Regulated Area...

Silmido, Part of Incheon Jung-gu Designated as a Regulated Area
Covered with Hills Under 80m, Virtually Uninhabited Island with No Real Estate Transactions
Criticism Arises Over Government's Reckless Regulatory Measures and Armchair Policy-Making

[Asia Economy Reporter Onyu Lim] "Why is an uninhabited island designated as a regulated area?"

On the afternoon of the 17th, when the government's real estate measures were announced, an online community heated up with a poster of director Kang Woo-seok's 2003 film 'Silmido' and this phrase. It was a post criticizing the government's desk-bound administration for including Silmido in the regulated areas. There was even ridicule saying, "Did the government just color outside the lines while doing coloring practice?"

Through the measures announced that day, the government designated most of the metropolitan area, excluding natural conservation zones and border areas, as regulated areas. In Incheon, Yeonsu, Namdong, and Seo districts were designated as speculative overheating zones, while Jung, Dong, Michuhol, Bupyeong, and Gyeyang districts were designated as regulated areas.

The problem is that Silmido was also included as a regulated area simply because it falls under the administrative jurisdiction of Jung-gu, Incheon. This island, located about 20 km southwest of Incheon, has a circumference of about 6 km and consists mostly of hills below 80 meters above sea level. If designated as a regulated area, the loan-to-value ratio (LTV) for housing mortgage loans is set at 50% for properties under 900 million KRW and 30% for those exceeding 900 million KRW, and the debt-to-income ratio (DTI) is capped at 50%. Capital gains tax on multiple homeowners is also increased. However, Silmido is currently an uninhabited island. This is a case where even places with no real estate transactions at all were included as regulated areas.

Criticism of the government's indiscriminate designation of regulated areas is already mounting in the market. Issues of fairness are being raised across various regions regarding the government's designation of regulated areas. In Yangju City, which was included as a regulated area under this measure, residents have collectively protested through the Blue House's public petition website, SNS, and online communities, saying, "Yangju is practically a border area as well, so we cannot understand why it was designated as a regulated area."

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