Seoul Housing Prices Rising for 20th Week… Plan B in Preparation
The Seoul Metropolitan Government has announced plans to review a policy to designate the three Gangnam districts and the entire Yongsan-gu district as “land transaction permit zones.” This measure is intended to stabilize the real estate market which has seen prices rise steadily for the past 20 weeks.
Expert Insights and Potential Measures
An expert stated that Banpo-dong and Hannam-dong are strong candidates for designation as land transaction permit zones due to the significant rise in housing prices in these areas. The government is also considering expanding the designation to other areas beyond the three Gangnam districts and Yongsan-gu.
Furthermore, the government announced plans to target “damaged greenbelts” in response to the announcement of 50,000 new housing sites this year and 30,000 next year. This measure aims to provide long-term rental housing for newlyweds.
Additional Support for Redevelopment Projects
The Seoul Metropolitan Government also announced a plan to support redevelopment projects by:
Implementing a pilot project for electronic voting for redevelopment and reconstruction associations.
Expanding the scope of review for redevelopment projects to include firefighting and disaster impact assessment.
Shortening the project implementation approval period by three months.
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