Anchor: Real estate regulations put in place during the previous administration to tamp down on soaring property prices will now be eased to stave off a nosedive. The change will affect all areas in the nation except for four districts considered speculative in Seoul.
Lee Bo-kyung has this report.

Report: The government has decided to ease real estate regulations for all areas except four districts in Seoul in a move to prevent a “hard landing” in the real estate market.

The Ministry of Land, Infrastructure and Transport announced related changes on Tuesday while briefing President Yoon Suk Yeol on policies for the new year at the former presidential compound of Cheong Wa Dae.

The regulation designed to discourage speculative transactions will now remain in place only in the four districts of Seocho, Gangnam, Songpa and Yongsan in the capital city.

The move comes 54 days after the restriction was lifted in all parts of the country except Seoul and four areas in Gyeonggi Province in November.

The four districts will also remain subject to a presale price cap on privately built homes, but the cap will be lifted for all other areas.

A decision has also been made to abolish the rule that requires home buyers to reside from two to five years in the houses subject to the price cap system in the capital region.

The end of regulations on all of the country except the four Seoul districts is intended to ease the overall process of home transactions in terms of taxes, loans and sales.

The deregulations take effect from Thursday.

Meanwhile, the government also said it will supply 500-thousand public homes and another 500-thousand units in public rental housing during the five-year term of the Yoon Suk Yeol government.

Source: KBS World Radio