The government’s decision to move the Blue House, National Assembly, and some ministries to Sejong City was designed to reduce the overcrowdedness of Seoul and stabilize skyrocketing housing prices. The new policy triggered a real estate rush in Sejong. Apartment prices there gained 42 percent last year, the highest increase nationwide. The government then put a price cap on the initial sales of construction companies’ apartments. However, the special supply program has turned into a jackpot for government workers, guaranteeing them hundreds of millions of won in profits. High-ranking officials such as Park Jin-kyu of the Ministry of Industry, Trade and Energy and Hwang Suk-tae of the Ministry of Environment sold their Sejong apartments for much higher than the original price. Go here:https://sejongrealtor.com/
The Ins and Outs of Working with a Realtor in Sejong
However, the market is not yet completely stable. The number of inquiries is rising but few of them are turning into actual transactions, says a realtor in Jochiwon. He said many prospective buyers are waiting to see whether politicians square away the issue.
The previous government designated areas where significant rises in apartment prices occurred as speculative, and put into effect various restrictions on financing and selling. All of Seoul’s speculative districts were designated as such, and the same applied to some districts in Sejong and Incheon. But the Moon administration has eased some of these restrictions outside greater Seoul and Sejong. In addition, three districts in Incheon that were designated as speculative have been removed from the list.