Real estate regulations instituted to discourage speculative transactions have been lifted for most areas outside the metropolitan area amid falling housing prices. 

According to the land ministry on Wednesday, the decision was made in consideration of the recent decline in housing prices and other stabilizing factors such as climbing interest rates.

Regions that will no longer be considered "speculative areas" will include Sejong City and parts of Incheon, but they will still be subject to price-moderating adjustments.

Five areas outside the metropolitan area including Anseong, Pyeongtaek, Yangju, Paju and Dongducheon in Gyeonggi Province will no longer be subjected to adjustments as they are now considered less at risk of price increases, bringing adjustment-applied areas down to 60 from the previous 101.