Increased Trading Volume in Jeonnam Due to Deregulation... Interest in 'Gwangyang Prugio Center Park' with No Resale Restrictions

As the government's recently announced real estate deregulation measures are gradually taking shape, apartment transactions are expected to increase, especially among multi-homeowners. In particular, with the relaxation of resale restrictions followed by reductions in tax burdens being implemented this year, it is anticipated that additional purchases by existing homeowners will become much easier.

In fact, with the full implementation of the resale restriction period easing as of April 7, the burden of holding housing has significantly decreased. In the metropolitan area, the resale restriction period has been reduced from a maximum of 10 years to a minimum of 6 months. For non-metropolitan areas, the restrictions are set at 1 year for public land subject to price ceiling regulations and regulated areas, 6 months for metropolitan city urban areas, and complete abolition in other regions. Since these changes are applied retroactively to apartments sold before the revision of the enforcement decree, pre-sold complexes are also expected to attract interest from multi-homeowners.

Along with this, the amendment to the Comprehensive Real Estate Tax Act, focusing on multi-homeowners, will also be implemented from this year, significantly reducing the tax burden. First, the basic deduction amount for multi-homeowners will be raised from 600 million KRW to 900 million KRW, and owners of two homes will be excluded from the comprehensive real estate tax surcharge. For those owning three or more homes, if the combined taxable value of the homes is 1.2 billion KRW or less, the general tax rate will apply. As the tax base for the comprehensive real estate tax shifts from the number of homes to the value of the homes, it is predicted that there will be increased movement to own multiple reasonably priced apartments in provincial areas.

Accordingly, from this year, the previously subdued transaction activity in various provincial areas is gradually reviving. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, in the first quarter of this year (January to March), a total of 2,894 apartment sales transactions were made in Jeonnam, showing an approximately 31.6% increase compared to the fourth quarter of last year (October to December, 2,199 transactions). In particular, the transaction volume in the core locations of Jeonnam?Yeosu, Suncheon, and Gwangyang (Yeosu, Suncheon, Gwangyang)?also increased by a similar level of 31.52% (1,196 transactions to 1,573 transactions) during the same period.

Furthermore, demand from prospective homeowners is increasing for complexes currently under sale. In Gwangyang, Jeonnam, interest from nationwide buyers is growing, as seen by the rising inquiry calls for ‘Gwangyang Prugio Center Park’ supplied by Daewoo Construction. This complex has no resale restrictions, allowing resale of the pre-sale rights after contract signing.

Additionally, the reasonable sale price compared to nearby market prices and various financial benefits have significantly reduced the financial burden on buyers. First, there is a full interest-free benefit on the interim payment, and the initial payment burden has been greatly lowered through a fixed first deposit of 10 million KRW. Moreover, when expanding the balcony, a large art wall in the living room will be provided as a standard feature.

Also, the fact that this is the first branded apartment introduced in Yonggang District, Gwangyang’s emerging residential hub, raises expectations among buyers. Especially, the Yonggang District area, where the complex is located, is currently seeing active promotion of multiple multi-family housing projects and is emerging as a new residential town in West Gwangyang. Approximately 4,100 households are planned to be supplied in Yonggang District, including ‘Gwangyang Prugio Center Park,’ mostly developed as first-tier branded complexes by major construction companies. Furthermore, with a large complex of about 6,600 households planned in the nearby Moksung District, the project area is expected to form a large-scale residential town of about 10,000 households in the future.

Matching its brand value, the complex also offers differentiated product features. First, all types in Gwangyang Prugio Center Park are designed mainly facing south to maximize views of Dongcheon (for some units) and natural lighting. Additionally, all units come with a walk-in closet as a standard, and for the 84㎡A and 105㎡ exclusive area types, ample storage spaces such as a one-sided entrance pantry and alpha room are provided. Each unit will also have one storage room installed in the basement level 2. Besides, various facilities such as a community garden, camping forest, and water playground will be developed within the complex.

Gwangyang Prugio Center Park is currently operating a model house.

This content was produced with the assistance of AI translation services.