Sejong Real Estate
Eight years have passed since Sejong was designated a special self-governing city, but it still lacks critical urban infrastructure. It resembles a small town, with empty roads and walkways, and its residents are hardly noticeable. Nevertheless, the city has attracted high-ranking government officials who are eager to buy property there for its future potential and prestige. Resource: https://sejongrealtor.com/
The local government suspects that many of these civil servants are reselling their new apartments for millions of won in profit. In order to prevent these resales, the government is taking several measures.
Investing in Sejong Real Estate: A Comprehensive Guide
In an effort to encourage civil servants to move to Sejong, the government introduced a special program that required construction companies to allocate a certain percentage of their new apartments to government workers. As a result, government workers purchased 26 percent of the 97,000 new apartments supplied over the past decade. However, this special supply was not considered to be a huge incentive at the time.
The Moon Jae-in administration has lifted all real estate restrictions outside of Seoul and Sejong, and three districts that were previously designated as speculative have been freed of this designation. This will allow purchasers to borrow more money and face fewer restrictions when selling their properties, but the tight regulations remain in place for Seoul. This means that buying a property in Seoul will be significantly more expensive than buying a property in a non-speculative area such as Sejong.
Eight years have passed since Sejong was designated a special self-governing city, but it still lacks critical urban infrastructure. It resembles a small town, with empty roads and walkways, and its residents are hardly noticeable. Nevertheless, the city has attracted high-ranking government officials who are eager to buy property there for its future potential and…