Starting from the 24th, permission will be required for the transfer and sale of apartment subscription rights in the three districts of Gangnam (Gangnam, Seocho, Songpa) and Yongsan designated as land transaction permission areas.
On the 21st, the Ministry of Land, Infrastructure and Transport noted that for the first purchase of dwellings supplied by housing project entities in the land transaction permission area, they are excluded from the transaction permission requirement under the Real Estate Transaction Reporting Act.
However, even for subscription apartments, if the subscriber sells the subscription rights to a third party or sells the dwellings, they must obtain transaction permission from the head of the relevant city, county, or district office and must fulfill the two-year actual residence obligation.
Accordingly, starting from the 24th, all apartments in the three districts of Gangnam and Yongsan designated as land transaction permission areas will be subject to these regulations. Buyers will be subjected to a two-year actual residence obligation, and there are also conditions that all household members must either be non-homeowners or dispose of all owned dwellings within one year.
Additionally, the three districts of Gangnam and Yongsan are designated as private sale price cap areas, separate from the land transaction permission area designation, so subscribers who initially purchase apartments in those areas will also have to comply with a two-year actual residence obligation, depending on the level of the sale price.
The actual residence obligation period is three years if the sale price of dwellings constructed and supplied in land outside public land for housing subject to price capping is less than 80% of the nearby market price, and two years if it is between 80% and less than 100%.