Uiwang City Lifted from Speculation Hotzone and Adjustment Target Area

[Suwon Ilbo=Reporter Jung Jun-sung] Uiwang City will be lifted from the speculation hotzone and adjustment target area starting the 14th of this month.

The Ministry of Land, Infrastructure and Transport held the 'Fourth Housing Policy Deliberation Committee of 2022' on the 9th and decided to lift the speculation hotzone and adjustment target area designations for 22 regions in Gyeonggi Province, including Uiwang City, Suwon, Anyang, Gunpo, and Hwaseong.

Following the comprehensive deregulation of the restricted area, Uiwang City is expected to see mitigation or lifting of numerous regulations that have constrained housing transactions, including real estate loan restrictions such as LTV, restrictions on re-purchase within certain periods, extra acquisition taxes, mandatory occupancy requirements for capital gains tax exemptions, and restrictions on the transfer of union member status in redevelopment projects.

The city previously recommended on the 7th that the restricted area designation be lifted from the Ministry of Land, Infrastructure and Transport to resolve real estate market stagnation and guarantee residential rights for actual owners.

Uiwang City Mayor Kim Seong-je stated, "We expect this deregulation of the restricted area will bring economic vitality to the region," and added, "We will continue to identify irrational regulations that limit citizens' economic activities and pursue ongoing improvements."