The government's real estate measures and interest rate cuts announced on Jan. 8 are expected to expand homeownership opportunities for actual users. Supported by tax benefits and interest rate reductions, there is an increasing focus on new apartments among actual users.
On Jan. 8, the government held the 11th meeting of the task force on the real estate market and supply situation. The Ministry of Economy and Finance, Ministry of Land, Infrastructure and Transport, Ministry of the Interior and Safety, Financial Services Commission, and Financial Supervisory Service gathered to apply the one house, one household exception for transfer tax and comprehensive real estate tax when acquiring unsold houses after completion. This is to reduce the tax burden on actual users and stimulate the real estate market.
According to this measure, homebuyers who meet certain requirements will receive a transfer tax exemption benefit, and acquisition tax will also be excluded from the heavy taxation target. On Feb. 25, the Bank of Korea decided to lower the base rate by 0.25% to 2.75%. The Bank of Korea indicated that additional interest rate cuts are likely within this year.
The newly built apartment 'Penta City Donghwa I Wish' located in Block A5 of Penta City in Buk-gu, Pohang, is attracting attention among actual users. This complex received construction approval on Feb. 28. It also offers benefits exempting transfer tax and acquisition tax for contracts made from the 1st (excluding exclusive areas of 117㎡). Residents can move in immediately after paying the balance.
This complex consists of 522 units in 6 buildings, with 2 basement levels and 29 above ground. The number of units supplied by exclusive area is ▲359 units of 84㎡ ▲158 units of 117㎡ ▲1 unit of 148㎡ ▲2 units of 165㎡ ▲2 units of 199㎡.
Penta City Donghwa I Wish has set the sales price at around 9 million won per 3.3㎡ based on an exclusive area of 84㎡. All units are oriented to the south to secure sunlight and scenic views. A new floor plan designed to enhance storage has improved residential satisfaction. The highest floor also features luxurious penthouses providing an upscale living environment.