The government's June 27th mortgage loan regulations are expected to require applicants waiting for apartment sales to restructure their financing plans. Even if one borrows the maximum limit of 600 million won, it is anticipated that nearly 1 billion won will be needed to purchase an 84㎡ apartment, which is the standard size.
According to the Korea Housing & Urban Guarantee Corporation (HUG) on the 1st, the average sale price of privately built apartments in Seoul in May this year is 45.68 million won per 3.3㎡ (based on supply area). When converted to the average sale price of an 84㎡ apartment, this amounts to 1.578 billion won. Even if one borrows the loan regulation limit of 600 million won, they must secure an additional 978 million won in cash to apply for the purchase. For a 59㎡ apartment, the average sale price is 1.17666 billion won, necessitating the procurement of about 576.66 million won.
The government plans to apply previous regulations on interim payments, moving allowances, and balance loans for the complexes that had recruitment announcements for residents before the 28th of last month. However, complexes that have not made recruitment announcements by that time will be subject to the loan regulations starting from the interim payments.
The OTIER FORET in Seongdong-gu and the RIVER CENT PRUJIO in Yeongdeungpo-gu made recruitment announcements for residents on the 26th and 27th of last month, respectively, narrowly avoiding the loan regulations. Upcoming sales in the second half of the year, including the LEELE in Songpa-gu Jamsil, the HILLSTATE ISU STATION CENTRAL in Dongjak-gu, and THE SHOP SHINFONG STATION & THE SHOP LUPRIVE in Yeongdeungpo-gu, as well as OTIER BANPO in Seocho-gu, will be affected by the loan regulations. The complexes scheduled for sales in the second half of the year include 24 locations with 20,888 households, including the two complexes that are exempt from the loan regulations.
Woo Byeong-tak, a specialist at Shinhan Bank Premier Pathfinder, noted, "Due to this loan regulation, individuals without sufficient cash liquidity may not participate in the applications, leading to a potential decrease in competition."