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The Jangwi New Town launch area in Seongbuk-gu, Seoul, mentioned as a promising candidate for public-led development announced in ‘2 · 4 Real Estate Measures’. Reporter Kim Beom-jun [email protected]
“This real estate countermeasure will result in a ‘transaction shock’, not a ‘supply shock’. In fact, it is the same as the ‘Real Estate Transaction Restriction Act’. “
Since the government announced on the 4th that it will supply 836,000 homes across the country, including 323,000 homes in Seoul, by 2025, there have been concerns about an ‘ideal cliff’ at the site.
This is because real estate, such as houses bought after the announcement date (4th), have decided not to give priority to the supply of apartments (right to move) even if a public-led development takes place .
The problem is that no target site has yet been decided for the ‘city center public housing complex project’ which develops station areas, semi-industrial areas and low-rise residential areas, and the ‘maintenance project of direct public implementation ‘in which the public is undergoing reconstruction and redevelopment. In the case of the house you live in now, it is said that it can become a public-led development area at any time, but it can be settled for cash. Cash settlement means not receiving a new apartment after development and being compensated at an appraised price lower than the market price.
It is intended to avoid speculation, but there are observations that the seeds of the transaction will dry up in the market. The transaction of villas and single-family homes in redevelopment areas where it is difficult to conduct your own business was directly affected. The sale of apartments has also become hesitant except for the new construction that has already been developed and the final reconstruction that is about to be approved for management. In the online real estate community, complaints like “You have to buy only ambiguous construction or expensive new construction that can never be redeveloped or rebuilt in public”, “I don’t know when the offer will be, but are you saying you should only buy jeon or rent? “
Professor Shim Gyo-eon of Konkuk University said: “If you buy a house from now on, you will have an uncertainty that can cause damage at any time. From the date of the announcement of the countermeasure, the cash settlement will be will decide without exception “. , and the buyer’s property rights will be violated, ”he said. Some point out that it may be unconstitutional to apply cash settlement retroactively to home buyers before designating a commercial site.
No one knows where it will develop … Confusion among domestic consumers
“The only option to buy a house is expensive new apartments or the reconstruction of Gangnam without the possibility of public development.”
“Does this mean that anyone who owns a home on the development site shouldn’t be neglected until the development is complete?
When the government devised an intensive anti-speculation measure that could be accepted as a “ transaction restriction law ” via “ 2 · 4 real estate countermeasures, ” the internet real estate community shed its originality. It is excessive that the government has decided not to give priority to real estate buyers after public development after the 4th. This is because there is no distinction between speculative demand and real demand. As controversy arose over property rights infringement and unconstitutionality, it is noted that the government has not fully considered the impact when preparing countermeasures urgently.
○ “Both owners and prospective buyers are damaged”
There is growing concern that large numbers of well-intentioned victims may emerge as a way to avoid speculation. This is because if real estate such as apartments purchased after day 4 is included in the ‘Direct Public Implementation Maintenance Project’ and the ‘City Public Housing Complex Project’, the cash is liquidated unconditionally once development is done. At the time of purchase, the same standards apply regardless of whether the home was not related to the maintenance business or was purchased for your actual residence. Although not immediately, public-led development can be promoted in a few years, making buyers uncomfortable. It means that homeless people living in jeon or for rent have become quite burdensome with buying a house.
Homeowners, like those with remodeling potential, also suffered damage. As the demand to buy waned, it became difficult to sell the house. If the currency is poor, the price can be lowered. A homeless person who posted a post on the home page of the Ministry of Land, Infrastructure and Transport said: “I have to buy a house avoiding even 222 areas in the projected development area.” Lee Eun-hyung, principal investigator at the Korean Institute for Building Policy, said: “The designation of the commercial site will take place in the second half of the year, but until then, both buyers and sellers are completely tied up.” I looked at it.
There may be a “balloon effect” in which demand rushes to places where public-led development is low. This means that the purchase tax can be concentrated on the Gangnam reconstruction apartments or the new apartments that have already been developed. Ji-Hae Yoon, Senior Researcher at Real Estate 114, said: “It is not right away, but in a few years, I may be reluctant to buy a general apartment that could be a target for public-led development.”
○ “Controversy about property rights infringement is likely to increase”
There is criticism from legal and academic circles for its high unconstitutionality, such as the violation of property rights. The question is whether to apply retroactively. In existing reconstruction and remodeling, even if you buy a house in which a cooperative was established, the cash settlement is not unconditional. The remodel is limited to granting new tenant rights only if purchased after approval for disposal by management. On the other hand, in the second and fourth measures, all buyers after the announcement date of the measures on day 4 were selected as possible targets for cash settlement.
It is also a problem to violate the property rights of indigenous peoples trying to sell their houses. It is explained that there is the possibility of it becoming a ‘shell of water’ (a house that cannot receive the right to occupy), so the demand for the purchase of a house is frozen, limiting the exercise of rights of property by indigenous peoples. Since you can’t sell your existing home and move out, you can prevent your freedom before you live.
Confusion is also expected about the timing of the contract. Even if an interim contract is signed before the announcement of the measures and the main contract is scheduled to be signed after the date of the announcement of the measures, it is unclear whether or not they are eligible for the cash settlement. Hyang-Hoon Kim, a lawyer at Law Firm Center, said: “Obviously, it is a property rights infringement to view all consumers as speculators and collectively liquidate cash,” he said. “You need to prepare a transition rule to prevent innocent victims from happening.” Kim Gyeong-gyu, director of the Korean Investment and Securities Institute for Asset Succession, emphasized: “The time limit for granting priority supply rights should be adjusted not after the date of the countermeasure, but after the district’s designation. commercial”.
In response, the Ministry of Lands, Infrastructure and Transport said it is an unavoidable measure to avoid speculation. An official from the Ministry of Land, Transport and Maritime Affairs said: “It is unlikely that two thirds of residents will agree and develop public initiatives in areas where there have been many changes of hands.” Revealed.
Reporter Lee Yoo-jung / Shin Yeon-soo / Jeon Hyeong-jin [email protected]
