The entire city of Jeonju, North Jeolla Province, was lifted from the area subject to modification, which is subject to various restrictions on real estate transactions. The city of Jeonju has requested to release the area subject to modification twice this year.
Jeonju City announced on the 22nd that the Ministry of Land, Infrastructure and Transport has decided to release 41 areas subject to adjustment, including Jeonju City, local areas (except Sejong City) and some suburban areas, after considering and resolving the ‘2022 3rd. Housing Policy Discussion Committee’.
This measure can be interpreted as judging the need to raise regulatory zones pre-emptively, given the recent increase in market stabilizing factors such as falling house prices and rising interest rates.
Jeonju, which was pegged as a target area for adaptation in December 2020, is released from various real estate transaction regulations under the Housing Act after 1 year and 10 months. The release date of the modified target area is from the 26th.
Jeonju expects that the real estate market, which has contracted so far, will gradually improve as various regulations such as financing, taxation, subscription and resale of real estate rights will be lifted once the area that n subject to adjustment being raised.
Previously, as a result of continuous monitoring of the housing market in Jeonju, it was found that the city of Jeonju had deviated from all requirements for designating areas subject to modification under the Housing Act.
An official from Jeonju city said, “With this decision to cancel the area subject to adjustment by the Ministry of Land, Infrastructure and Transport, the housing supply and real estate transaction market in Jeonju is expected to stabilize. I’ll do my best to do it,” he said.