Sang-il Lee, Mayor of Yongin, "Welcomes Additional Removal of Speculative Overheated Zones and Adjustment Target Areas"
Expecting Momentum in Various Development Projects Including Gyeonggi Yongin Platform City and Yongin Semiconductor Cluster
[Asia Economy (Yongin) = Reporter Lee Young-gyu] Lee Sang-il, mayor of Yongin City, expressed his welcome on the 10th regarding the Ministry of Land, Infrastructure and Transport's announcement of the additional removal of speculative overheated zones and adjustment target areas nationwide, including Yongin City.
Earlier on the 9th, the Ministry of Land, Infrastructure and Transport deliberated and resolved at the 4th Residential Policy Deliberation Committee to proactively lift regulatory zones considering the overall housing market situation in the metropolitan area.
According to this announcement, real estate regulations imposed throughout Yongin City will be fully lifted starting from the 14th.
Once removed from the regulatory zones, the eligibility for first-priority subscription will be relaxed, and restrictions on resale of pre-sale rights will be shortened to six months, among other regulatory relaxations.
Additionally, starting next month, loans will be available for houses exceeding 1.5 billion KRW, and financial regulations such as LTV (Loan to Value ratio) and DTI (Debt to Income ratio) will be eased, which the city expects will significantly reduce the financial burden on actual homebuyers.
Furthermore, with the activation of the housing market due to the lifting of these real estate regulatory zones, it is anticipated that various development projects promoted by the city, such as the Gyeonggi Yongin Platform City and Yongin Semiconductor Cluster, will bring vitality to the local economy.
Yongin City had designated some areas of Cheoin-gu and Giheung and Suji-gu as adjustment target areas, and Giheung and Suji-gu as speculative overheated zones.
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On the 3rd, Mayor Lee sent an official letter to the Ministry of Land, Infrastructure and Transport recommending the removal of the adjustment target area designation for some parts of Cheoin-gu and Giheung and Suji-gu, as well as the removal of the speculative overheated zone designation for Giheung and Suji-gu.
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