尹 “Reconstruction, support, not regulation”
The 2nd popular livelihood debate of the year in Ilsan
Start of supporting 950,000 families over the next 4 years
The first new city can be occupied in 2030
Small house, unsold after completion in the area
Tax benefits excluding from the number of houses
President Yoon Seok-yeol (second from right) visits Baeksong Village Complex 5, Ilsandong-gu, Goyang-si, Gyeonggi-do on the 10th and visits the apartment complex. [이승환 기자]
Over the next two years you will receive tax breaks if you purchase unsold homes or newly built small homes (excluding apartments) after completion in local areas. In addition, old apartments 30 years after completion can be rebuilt without safety inspection.
On the 10th, President Yoon Seok-yeol held the second public livelihood debate this year and the first on a specific topic (real estate) in Aram Nuri, Goyang-si, Gyeonggi-do, under the theme “The housing that people want” ‘. That day, during a discussion with residents and developers, President Yoon said: “When I decided to enter politics, the most important thing I thought about was the real estate issue,” and added: “We must free it from politics”. and ideology and make it work according to economic and market principles.’” he said.
In particular, President Yoon underlined: “If reconstruction and redevelopment have been regulated so far, we will change the way in terms of support,” and added: “I will promise to ensure that reconstruction work (for the first new city) will be able to start during my mandate”. He also drew attention by saying that multiple homeowners should be viewed from the perspective of the rental and housing sector. President Yoon said: “If you are taxed punitively for owning more homes, the tax will be passed on to economically disadvantaged tenants, who will bear the brunt of the damage.”
On this day, the Ministry of Land, Infrastructure and Transport presented a policy to expand real estate supply and revitalize the construction economy along with a plan to stimulate demand focused on tax benefits.
Until now, old apartments had to pass a safety inspection as the first step in the maintenance project. From now on, however, activities will be able to proceed regardless of whether the security check has been passed or not. In this way, the project will be shortened by up to 3 years, and if the city of Seoul, subject to rapid integration planning, advances the period by another 2 to 3 years, it is expected that the reconstruction project period will be shortened by up to 3 years. at 5-6 years.
The age requirement for urban redevelopment will be reduced from the current two-thirds or more to more than 60%. Thanks to these improvements in the reconstruction and redevelopment system, a total of 950,000 households (750,000 for reconstruction and 200,000 for redevelopment) are expected to begin redevelopment projects from this year to 2027.
The redevelopment of the first new city is also accelerating, and a special redevelopment plan will be prepared by next year after the designation as a leading neighborhood (pilot complex) in the second half of this year. Accordingly, if construction begins in 2027, occupancy will begin in 2030.
Small houses with an exclusive area of 60 m2 or less (less than 600 million won in the metropolitan area and 300 million won in regional areas) are not subject to heavy taxation as they are excluded from the number of houses in the calculation of the purchase tax, transfer tax and comprehensive real estate tax. Even when you buy unsold houses (exclusive area of 85㎡, 600 million KRW or less) after completion in the local area, you also receive the benefit of excluding the number of houses.
Measures against charter fraud have also been added. The Korea Land and Housing Corporation (LH) has decided to speed up the return of the deposit by purchasing the damaged house at the estimated price before the current auction or public auction.
Except for the first phase of reorganization of the new city, all other measures are based on further revisions of laws and ordinances. In relation to the easing of rules on maintenance projects, the Ministry of Land, Infrastructure and Transport will propose a revision of the Urban Maintenance Law next month, and the exclusion of newly built small houses and houses unsold after completion in local areas will be promoted by the Ministry of Public Administration and Security and Ministry of Strategy and Finance through the revision of the Implementation Ordinance of the Local Tax Law and the Income Tax Law in May.
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