00:05Before you sign anything in Korea's property market, a top presidential aide just ruled
00:13out the one fix landlords wanted.
00:18Seoul apartment prices just hit 75 straight weeks of gains.
00:24And a tax overhaul is coming before month's end.
00:29It's Monday, July 20th.
00:32Let's look at what's happening in Korea's property market.
00:36Presidential policy chief Kim Yong-bom said Seoul's push to ease redevelopment regulations
00:43is not a master key for supply.
00:47He confirmed a tax code revision, including possible differentiated taxes
00:53on ultra-high-value single homes, will be finalised by late July.
01:00Seoul apartment prices and JohnSare rates have both risen for 75 consecutive weeks.
01:08Here's what the numbers show.
01:10Seoul apartment sale prices rose 0.30% and JohnSare prices rose 0.28% in the second week
01:23of July alone, extending a 75-week streak.
01:28Kim said redevelopment and reconstruction projects take three to five years to add supply, meaning
01:37easing those rules would actually reduce supply in the short term.
01:44Over 1,600 policy proposals have poured into a public forum ahead of the President's July 23rd
01:54Housing Roundtable, with 742 focused on housing finance and loan access for first-time buyers.
02:05In Gwangju, a 298,000 square metre mixed-use redevelopment on a former textile mill site,
02:16the all-new Champions City project is seeing land prices near the site jump from 18 million won
02:26to 20 million won per pyong after an 800 trillion won semiconductor cluster was announced nearby.
02:37Separately, KB Cookman Bank cut mortgage limits from 600 million won to 300 million won this month,
02:48and is now waiving early repayment fees on credit loans to shrink its balance sheet further.
02:57Design contract competition for major Seoul reconstruction sites is also intensifying,
03:04with 11 to 18 architecture firms bidding on single projects like Deci Mido and Olympic Family Town.
03:14So what does this mean for buyers weighing a purchase this year?
03:21Earlier, we said officials ruled out fast regulatory easing as a supply fix.
03:29Here's what that actually means for you.
03:32Don't expect near-term relief from redevelopment deregulation.
03:38Any supply impact is three to five years out at best.
03:44Watch the July 23rd roundtable and month-end tax bill closely, since ultra-high value home taxation
03:54and loan limits for first-time buyers are both still being finalised.
04:00If you're a first-time buyer, tightening mortgage caps this month make timing your application sooner rather than later more
04:11important.
04:13That's today's AI Prism Real Estate.
04:17This episode was produced with AI Assistants based on Seoul Economic Daily reporting and reviewed by a human editor.
04:28AI Prism is a WAN IFRA award-winning series.
04:33We'll be back tomorrow.
04:35You've been listening to AI Prism from Seoul Economic Daily.
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