The designation as a regulated area was expected, so there is no major confusion. However, inquiries continue from gap investors trying to put in at least part of the down payment within today.Licensed real estate agent in Dongtan District, Hwaseong, Gyeonggi
As Dongtan District in Hwaseong, Gyeonggi; Giheung District in Yongin; and Guri were placed under triple restrictions—regulated areas, overheated speculation districts, and land transaction permission zones—there are moves to complete apartment sale contracts before the rules take effect. In particular, in Dongtan, some asking prices have reportedly been adjusted mainly for listings from multiple-home owners, and inquiries about gap investments, where buyers purchase homes with a jeonse tenant in place, are also continuing.
According to the Ministry of Land, Infrastructure and Transport and Gyeonggi Province on the 30th, the three areas—Dongtan, Giheung, and Guri—were designated as adjusted areas, overheated speculation districts, and land transaction permission zones. The designation of regulated areas takes effect on Jul. 1, and the land transaction permission zones take effect on the 5th.
On the ground, the mood is that there is no major confusion because the designations were largely anticipated. However, because lending restrictions for regulated areas apply starting Jul. 1, there are moves, especially among buyers who placed preliminary deposits, to move up the date of the main contract.
The busiest place is Dongtan. The head of a licensed real estate office operating near Dongtan Station said, I have been swamped since morning with dozens of calls looking for listings, and added, With the news of the regulated-area designation, there is a last-minute push by buyers to make gap investments by depositing at least part of the down payment today. Another licensed agent in the same area also said, There are quite a lot of inquiries about gap investments.
In Dongtan, some asking price adjustments have reportedly occurred after the designations as a regulated area and a land transaction permission zone. Local licensed agents said there were cases where prices were lowered mainly for listings from multiple-home owners, but the scope of adjustment was not large. A licensed agent in Dongtan said, There were asking price adjustments for listings from multiple-home owners after the announcement of the regulated-area designation, adding, You can see the adjustment range as within 50 million won.
However, for listings that are not from multiple-home owners, observers say a wait-and-see stance is more prevalent than quick, below-market sales. Another licensed agent in Dongtan said, If it is designated a land transaction permission zone, listings with jeonse tenants will be hard to transact for the time being, but sellers are more inclined to watch the market than to dispose of properties at fire-sale prices. The agent added, Thanks to positive developments in the semiconductor industry, there is a sizable pool of end users with strong financing power, so even if the loan limit is reduced, some think buying interest will not be completely dampened.
In Giheung and Guri as well, there are some moves to move up contract dates. The head of a licensed real estate office in Seocheon-dong, Giheung District, Yongin, said, Some buyers who made preliminary deposits and planned to sign the main contract in July are moving it up to today, adding, That is because the amount of lending available may change after the regulated-area designation.
Guri shows a similar mood. A licensed agent in Sutaek-dong, Guri, said, Because the regulated-area designation was already expected, inquiries are not flooding in, but added, People who are about to sign contracts keep asking what will change after the designation.
However, unlike Dongtan, there have reportedly been few cases of quick sales or asking price adjustments by multiple-home owners in Giheung and Guri. A licensed agent in Giheung said, Giheung has more end-user transactions than multiple-home-owner activity, so there are not many listings that have quickly cut asking prices yet. A licensed agent in Guri also said, Before the end of the first-half grace period on the heavy taxation of capital gains for multiple-home owners, a number of such listings were already cleared out, so quick sales are not common.