Seoul City: "Restriction on Transfer of Union Member Status... Not Retroactive or Applied Uniformly"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government announced on the 24th that the advancement of the restriction period for the transfer of association member status in redevelopment and reconstruction projects will not be applied retroactively or uniformly.

In reference materials released on the same day, Seoul explained, "The mayor or governor selectively designates the restriction reference date for the transfer of association member status in speculative concern areas and applies it only to sales made thereafter," adding, "Even if the reference date is designated, it does not revoke association member qualifications that have already been properly granted."

The city also emphasized, "The restriction on the transfer of association member status will not be uniformly applied to all maintenance districts, and areas where transactions occur at reasonable price levels will be subject to current regulations," further stating, "Considering the current conditions where market instability is reemerging mainly in some reconstruction complexes still in the pre-association establishment stage, there will be no regulations imposed on redevelopment in Gangbuk."

Even if the mayor or governor advances the restriction period for the transfer of association member status, exceptions will still apply in cases such as ▲long-term ownership of more than 10 years or residence for more than 5 years as a single homeowner, and ▲unavoidable circumstances like relocation for livelihood. Additionally, to prevent a freeze on listings when projects are stalled for about 2 to 3 years at each stage, the transfer of association member status is permitted.

However, redevelopment and reconstruction areas designated as land transaction permission zones will not be subject to the long-term stagnation exception, meaning that the transfer of association member status will be restricted immediately after the law is amended. According to the current "Act on Maintenance and Improvement of Urban Areas and Dwelling Conditions," the transfer of association member status is restricted from the approval of association establishment for reconstruction complexes and from the approval of management disposition for redevelopment zones.

Earlier, on the 9th, Seoul announced a real estate measure together with the Ministry of Land, Infrastructure and Transport to advance the restriction period for the transfer of association member status in maintenance projects to an earlier stage. According to this, the mayor or governor may set a separate restriction reference date as needed, starting from after passing the safety diagnosis for reconstruction complexes and from after the designation of maintenance districts for redevelopment zones.

The city explained, "Since there has been confusion among citizens following the policy announcement, we have released this material to provide accurate information."

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