The Seoul Metropolitan Government has begun organizational improvements to enhance the expertise of its real estate policies. This comes as a measure in response to the confusion caused by the re-designation of land transaction permission zones after their removal.
On the afternoon of the 27th, the Seoul City announced through a statement from Spokesperson Shin Seon-jong that, "As we push forward with real estate policies that can significantly affect the lives and economy of Seoul citizens, such as the designation and removal of land transaction permission zones, we are establishing improvement measures that will strengthen the pre-verification system and the expertise of relevant organizations."
The measures align with Mayor Oh Sei-hoon's policy direction, and details will be announced later.
Mayor Oh noted that, "In the future, when promoting major real estate policies, including the land transaction permission zones, we will systematically analyze the housing market and macroeconomic trends to protect the economy and daily lives of citizens more accurately with precise judgments and forecasts," according to Spokesperson Shin.
To this end, the Seoul City plans to expand and reorganize its existing organization into a dedicated entity that analyzes real estate policies and market trends.
This dedicated organization will play a key role in conducting in-depth analysis of the real estate market and macroeconomic indicators and supporting decisions related to Seoul's real estate policy initiatives.
Spokesperson Shin stated, "It is true that personnel responsible for the housing projects in Seoul have primarily focused on housing 'supply', and have somewhat lacked in closely examining market responses and the 'demand' aspect. He added, "To complement this system, we plan to enhance the operational capabilities of the expanded dedicated organization by bringing in housing market experts who can comprehensively analyze and forecast the real estate market, considering macroeconomic variables such as taxation and financial markets."
Following the removal of land transaction permission zones from Jamsil, Samsung, Daechi, and Cheongdam on the 13th of last month, housing prices have risen not only in these areas but also in others. In the real estate market, discussions have emerged that the removal of the land transaction permission zones had a significant impact on housing prices, amid lowered benchmark interest rates since late last year and reduced thresholds for loans in the financial sector this year. The Seoul City expanded the designation of land transaction permission zones to encompass all apartments in Gangnam's three districts and Yongsan-gu about a month after the removal.