Mayor Oh Se-hoon of Seoul noted that following the lifting of the land transaction permit zone, the real estate market has been overheating, especially in the Gangnam area, stating, 'If prices rise abnormally, we will review re-regulation.'

(Seoul=News1) Reporter Min Kyung-seok = Oh Se-hoon, the mayor of Seoul, is visiting the first implementation site of the Daesang public rental housing quality improvement project in Seocho-gu, Seoul, on the afternoon of Mar. 10. The Daesang public rental housing quality improvement project targets dwellings that have not yet reached the reconstruction timing but are experiencing inconvenience for residents due to outdated facilities. 2025.3.10/News1

On the 10th, Mayor Oh made this statement during a visit to the Hongje Yuwon Apartment in Seodaemun District, the first complex for the improvement of aging public rental quality.

He said, 'The areas designated as land transaction permit zones were artificially regulated so that prices could not rise. It was expected that once we lift the land transaction permit zone, prices would slightly increase like a spring bouncing up.' He added, 'However, if the price increase is excessive to the point of being abnormal, we can consider re-regulating.'

As the regulations that lasted for more than four years have been lifted, the buying momentum has surged sharply, causing both the actual transaction prices and asking prices to rise significantly. According to the Ministry of Land, Infrastructure and Transport's actual transaction disclosure system, the Jamsil Els with an exclusive area of 84 square meters (14th floor), which is cited as the biggest beneficiary of this regulatory release, was traded for 3 billion won on the 26th of last month. Just two days after the lifting of the land transaction permit zone on the 14th of last month, the same model in the Els (26th floor) recorded a new high transaction of 2.88 billion won, which increased by 120 million won in just ten days.

In relation to this, the Seoul city government stated, 'Following the activation of a rapid response team and on-site inspections, while there has been an increase in properties with raised asking prices reflecting expectations of rising house prices, there have not been many cases that have resulted in actual transactions due to a large gap with the prices buyers want.' The city plans to keep a close eye on the areas where regulations have been lifted for about 3 to 6 months and monitor for any unusual trends.