First-Time Home Loans Released in August... 44,000 Housing Units for Sale Nationwide
[Asia Economy Reporter Kim Hyemin] In August, when loan regulations for first-time homebuyers are eased, 44,000 households nationwide will be offered for sale.
According to a survey by real estate research firm Real Today on the 27th, a total of 63 sites are scheduled for sale nationwide next month. Including pre-sale, public housing, newlywed hope towns, and rental housing, the total number of households eligible for first-priority subscription is 55,725, and among them, the general sale volume is 44,587 households.
This is about a 157% increase compared to 17,334 general sale households in the same month last year, and about a 220% increase compared to 13,900 households last month. By region, the metropolitan area accounted for about 32% with 14,589 households, and the non-metropolitan area reached 29,998 households.
In Seoul, "Hwigyeong 3 Xi (tentative name)," redeveloping the Hwigyeong 3 district in Dongdaemun-gu, is scheduled for sale. Among a total of 1,806 households, 719 households will be for general sale. In Gyeonggi-do, "Indeokwon Xi SK VIEW" will be introduced through redevelopment of Naeson-dong Naeson 2 district in Uiwang-si. Among a total of 2,633 households, 899 households are for general sale.
The increase in sales in August appears to be related to the easing of loan regulations for first-time homebuyers starting next month. First-time homebuyers can apply a loan-to-value ratio (LTV) of up to 80% regardless of whether the area is regulated or the housing price. The loan limit will also increase from 400 million KRW to 600 million KRW. For one-homeowners, when taking out a mortgage loan in regulated areas, the deadline for disposing of the existing house is extended from 6 months to 2 years, and the mandatory moving-in period for the new house is abolished.
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A Real Today official said, "As regulations are eased, such as an increase in loan limits, real demanders are expected to focus on prime new complexes for sale," adding, "However, the Debt Service Ratio (DSR) regulation remains unchanged, and the recent base interest rate has also shown a sharp rise, so the number of people who will actually receive more loans than before may be limited."
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