It has been eight years since the self-governing city of Sejong was designated, but it still lacks critical urban infrastructure. Nevertheless, it has attracted high-ranking officials who are keen on buying a Sejong apartment for its future potential and prestige. As a result, the real estate prices in the area have skyrocketed. Read more:sejongrealtor.com
To control the price rise, the government designated Sejong as a speculative district in August 2017 and placed various restrictions on purchasing and selling property there. The new rules include higher down payment requirements and the need to have at least two years of steady income before you can buy a home.
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In order to ease the pressure on the market, the government has lifted all real estate restrictions outside of Seoul and Sejong, but in Sejong and Incheon, the previous rules remain. The government will also change the way it classifies speculative districts to make it easier for buyers and sellers to understand where they are in the real estate market.
However, the changes have not been enough to calm the soaring housing market. In fact, it has only made matters worse. Many of the new measures will not take effect until next year, and they are being implemented at a time when demand for apartments is weakening because of concerns about an economic slowdown. The Moon administration may be putting its presidency in jeopardy as it struggles to rein in the soaring property prices in Sejong and throughout the country.