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Gov't Unveils Stricter Real Estate Regulations

Write: 2020-02-20 16:00:20Update: 2020-02-20 16:08:03

Gov't Unveils Stricter Real Estate Regulations

Photo : YONHAP News

The government has decided to add some southwestern regions in Gyeonggi Province to its list of so-called “adjustment target areas” which are subject to tighter real estate regulations.

The Ministry of Land, Infrastructure and Transport disclosed on Thursday a new set of government measures aimed at taming the country's overheated real estate market. It’s the 19th set to be rolled out under the Moon Jae-in administration. 

Under the measures, the districts of Yeongtong, Kwonseon and Jangan in Suwon city; the Manan District in Anyang city; and Uiwang city will become adjustment target areas as they’ve recently witnessed a surge in housing prices. 

Also the government will lower the loan-to-value(LTV) of these regions from 60 percent to 50 percent and restrict LTV for homes over 900 million won to 30 percent. 

The government also bans the resale of purchase rights in all adjustment target areas.

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