[이데일리 박종화 기자] The Gangnam reconstruction market is booming. This is because of expectations for President-elect Yoon Seok-yeol, who promised to ease the reconstruction regulations. Anti-speculation measures to be announced along with deregulation are considered a variable.
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Reports of Gangnam reconstruction complex in anticipation of deregulation
According to the Korea Real Estate Agency on the 27th, apartment prices in Gangnam-gu and Seocho-gu, Seoul, each rose 0.01% last week from a week ago. Among the 25 autonomous districts in Seoul, only Gangnam and Seocho-gu saw an increase in apartment prices during this period. The Real Estate Agency explained, “It turned upwards as the reported transaction occurred mainly for reconstructed complexes with expectations for deregulation.”
The same is true for other statistics, where house prices rose mainly in reconstructed apartments. According to a real estate information company Real Estate R114 survey, apartment prices in the Gangnam area of Seoul (Gangnam-gu, Seocho-gu, Songpa-gu, Gangdong-gu) rose 0.04% this month. The rise is larger than the general apartment price (0.01%) in this area, which is not subject to reconstruction.
This trend is also detected in real transactions. In the middle of this month, the hand change occurred in the middle of this month for the exclusive area of 158㎡ in Gaepo Wooseong 1st Apartment in Daechi-dong, Gangnam-gu. This is an increase of 1.5 billion won from the previous high of 3.6 billion won. The 84-square-meter type dedicated to Hyundai Apartments in Seocho-dong, Seocho-gu, which is preparing for a safety diagnosis for reconstruction, was also sold for 2.05 billion won this month, changing the new record price. This is an increase of 300 million won from the previous year’s highest price (1.75 billion won).
The basis of the recent surge in apartment prices for reconstruction in Gangnam is a new government promise to be launched in May. President-elect Yoon Seok-yeol pledged to ease the regulations related to reconstruction, such as a safety diagnosis and a system for recovering excess profits from reconstruction (a system that compares house prices before and after reconstruction and recovers a portion of the increase as a reconstruction fee) during his candidacy. While receiving a report from the Ministry of Land, Infrastructure and Transport on the 25th, President-elect Yoon said, “It is important that the properties for sale meet the demand and that a new supply is made.
“I will hold the sale until the new government is inaugurated.”
The market is delaying trading while keeping an eye on policy changes after the new government is inaugurated. The representative of the M authorized brokerage office in Bangbae-dong, Seocho-gu said, “When the actual government is launched, it is important how the promises lead to policies. It is in the state of having it without uploading it.” Bangbae-dong W Authorized Brokerage Office CEO also said, “Although inquiries for purchase are continuing, it is not easy to find a property that meets the requirements for transfer of union membership (the buyer owns one house for one household and owns it for 10 years, and has lived there for five years).”
Jihae Yoon, senior researcher at Real Estate R114, said, “People who can afford it, even if the price is high, they want to find a place that will be converted into a new apartment in the downtown area within 10 years.
However, the launch of the Yun Seok-yeol government cannot be interpreted only as a boon for the reconstruction market. This is because it has foreshadowed the deregulation of speculation along with the easing of reconstruction regulations. Immediately after the Ministry of Land, Infrastructure and Transport’s work report, the Presidential Transition Committee said, “We plan to come up with a strategy to prevent short-term market unrest in the process of (regulation) normalization.” Inside and outside the transition committee, strengthening the requirements for transferring member status is being discussed as a measure to deter speculation.
Lee Eun-hyeong, a senior researcher at the Korea Construction Policy Research Institute, said, “If the reconstruction is carried out simultaneously, there will be side effects such as an explosion in the demand for migration, so it is necessary to proceed sequentially.”
