Uiwang City Requests Government to Reconsider Designation as Adjustment Zone and Speculative Overheating Area

[Suwon Ilbo=Reporter Park Chan-hyuk] Uiwang City announced on the 21st that it has formally requested the Ministry of Land, Infrastructure and Transport and the Ministry of Economy and Finance to reconsider the government's recent designation of real estate regulation zones, reflecting the city's stable housing market situation and regional characteristics.

According to the 'Housing Market Stabilization Plan' announced by the government on October 15, the entire Uiwang City was designated as an adjustment zone, speculative overheating area, and land transaction permitted zone.

In this regard, the city stated that it maintains a stable housing market structure centered on actual demand, far removed from speculative overheating, and that the uniform application of regulations could increase damage to actual demand buyers and burden the local economy.

In fact, according to statistics from the Korea Real Estate Board, Uiwang City's recent housing transaction price change rate is lower than adjacent areas such as Gwacheon and Gwangmyeong, and apartment transaction change rates and land price increase rates also show a stable trend that is difficult to characterize as market overheating.

In particular, the city emphasized that measures resulting from this regulatory designation—including △restrictions on mortgage loans △strengthened subscription eligibility △additional transfer tax △prohibition on transfer of apartment reconstruction union membership status—could limit actual demand buyers' opportunities to purchase homes and lead to reduced transactions and deteriorated consumer sentiment within the region.

Through its petition, the city requested △complete reconsideration of designations as adjustment zone, speculative overheating area, and land transaction permitted zone △establishment of support measures to protect actual demand buyers △swift promotion of new housing supply including the Phase 3 New Town in Uiwang, Gunpo, and Ansan, as well as Uiwang's Ojeon and Wanggok public housing districts.

Mayor Kim Sung-je of Uiwang City stated, "Uiwang City is a mid-sized city with excellent accessibility to Seoul and has played an important role in dispersing metropolitan residence and accommodating actual demand buyers," adding, "We hope the government will carefully examine market conditions by region and make rational decisions."