Except for 4 areas in Seoul and Gyeonggi, all 'Real Estate Regulation Zones' have been lifted

Seoul and Gwacheon, Seongnam, Hanam, Gwangmyeong Excluded
Incheon and Sejong Also Removed from Regulation Zones

President Yoon Suk-yeol is speaking at the 11th Emergency Economic and Livelihood Meeting held at the Yongsan Presidential Office building in Seoul on October 27.
[Photo by Yonhap News]

[Asia Economy Reporter Chawan Yong] The government will lift regulations on some areas in the Seoul metropolitan area to prevent a hard landing in the real estate market. Following the lifting of regulations on 41 out of 101 adjusted target areas and 4 out of 43 speculative overheated districts in September, additional deregulation is being implemented again after two months.

On the 10th, the government held a meeting of ministers related to real estate and decided to lift regulations on the entire Gyeonggi Province except for Gwacheon, Seongnam (Bundang and Sujeong), Hanam, and Gwangmyeong, as well as Incheon and Sejong. On the previous day, the Ministry of Land, Infrastructure and Transport reviewed and approved the adjustment plan for speculative overheated districts and adjusted target areas at the '4th Residential Policy Deliberation Committee of 2022.'

This adjustment plan for regulated areas is a follow-up measure to the protection of actual demanders and normalization of transactions discussed at the 11th Emergency Economic and Livelihood Meeting chaired by President Yoon Seok-yeol on the 27th of last month.

First, for speculative overheated districts, nine areas in Gyeonggi Province including Suwon, Anyang, Ansan Danwon, Guri, Gunpo, Uiwang, Yongin Suji, Giheung, and Tongtan 2 were deregulated. The lifting of adjusted target areas includes 22 areas in Gyeonggi Province such as Suwon Paldal, Goyang, Namyangju, Hwaseong, Bucheon, Osan, Uijeongbu, Gimpo, and Gwanggyo district, as well as all eight areas in Incheon and Sejong, totaling 31 areas.

As a result, the regulated areas are now limited to Seoul, Gwacheon, Seongnam (Bundang and Sujeong), Hanam, and Gwangmyeong. The Residential Policy Deliberation Committee judged that Seoul needs to maintain speculative overheated districts and adjusted target areas considering the spillover effects on surrounding areas, development demand, and high housing demand. Gwacheon, Seongnam (Bundang and Sujeong), Hanam, and Gwangmyeong, which are adjacent to Seoul and have high housing prices and development demand, will also maintain their status as speculative overheated districts and adjusted target areas. This deregulation will take effect from 0:00 on the 14th, after the official gazette publication is completed.

Lee Won-jae, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport who attended the Residential Policy Deliberation Committee, said, “We have proactively lifted regulations in the Seoul metropolitan area after comprehensively considering the recent housing market situation. We will continuously monitor the housing market situation and faithfully implement follow-up measures from the 11th Emergency Economic and Livelihood Meeting to alleviate difficulties for actual demanders.”

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