Hanam City Requests Reconsideration of '10·15 Real Estate Regulations'... Concerns Over Local Economic Burden

Hanam City in Gyeonggi Province (Mayor Lee Hyunjae) formally requested a reconsideration from the Ministry of Land, Infrastructure and Transport on October 23, following the government's inclusion of Hanam in the regulated areas (speculative overheated districts, areas subject to adjustment, and land transaction permit zones) under the "10·15 Real Estate Measures."

View of Hanam City Hall. Provided by Hanam City

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The city stated that a stable, end-user-oriented housing market structure is being maintained, and that the blanket application of these regulations could actually increase the burden on genuine homebuyers and negatively impact the local economy.

The city also emphasized that, as a result of this designation, measures such as restrictions on mortgage loans, stricter requirements for housing subscription, heavier capital gains taxes, and a ban on the transfer of redevelopment association membership will follow, which could limit genuine homebuyers' opportunities to purchase homes and lead to a contraction in local transactions and a decline in consumer sentiment.

In particular, considering that Hanam's average age is 42.5 years-lower than the national average of 45.7 years-the city expressed serious concern that the new regulations could restrict young people's opportunities to buy homes and undermine the hopes of future generations.

Additionally, as the Hanam Gyosan public housing district project, part of the third phase of new towns, has been delayed for more than six years, there has been an increase in civil complaints regarding new housing supply. The city stressed that prompt discussions with LH are needed to ensure the government's promise is fulfilled as soon as possible.

Accordingly, Hanam City proposed to the Ministry of Land, Infrastructure and Transport the reconsideration of the designation of areas subject to adjustment, speculative overheated districts, and land transaction permit zones; the establishment of support measures to protect genuine homebuyers; and the swift promotion of new housing supply in the third-phase Gyosan New Town.

Mayor Lee Hyunjae of Hanam stated, "Designating all of Hanam, which maintains a stable market, as a top-level regulated area increases inconvenience for genuine residents and could distort the housing market. We hope the government will reasonably reconsider its decision, taking into account the need for prompt housing supply and balanced development in areas like the third-phase Gyosan New Town, which have unique characteristics."

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