Including the Mokdong and Yeouido complexes
Mayor Oh, the ability to revoke the designation
Confirmation of the plan to abolish the 35th floor rule
While the government has revoked all regulated areas except Gangnam 3rd District and Yongsan-gu, the focus is on also revoking land transaction permits for major redevelopment complexes such as Mok-dong and Yeouido.
According to the Ministry of Land, Infrastructure and Transport on the 5th, from 0:00 on the same day, it was lifted in all areas of the country, except for the four autonomous districts of Seoul, including Gangnam, Seocho, Songpa and Yongsan-gu.
Although removed from the regulated area, in the case of Seoul, the area of 55.99㎢, which is 9.2% of the total area (as of August 30, 2022), is tied to the “Land Transaction Permission Zone” . Once a land transaction permit zone has been established, permission must be obtained from the relevant local government head when exchanging land or housing that exceeds a certain area within the zone (in the case of residential areas, the area exceeds 6㎡). The authority to designate the land transaction authorization zone in Seoul is Mayor Oh Se-hoon.
As the government drastically revokes the restricted areas, the possibility is raised that Mayor Oh will start revoking the land transaction authorization zone designation. Samsung/Cheongdam/Daechi-dong in Gangnam-gu, Jamsil-dong in Songpa-gu and Greenbelt in Seocho-gu, which are “international trading complexes and neighboring areas”, belong to the 3 districts of Gangnam which the government left as regulated areas, so it is unlikely to be lifted. Areas related to the government’s public redevelopment or Mayor Oh’s “Shintong Planning” are unlikely to be rescinded due to speculation prevention measures targeted at specific projects.
However, the possibility of the uplift is being discussed in Yangcheon, Yeongdeungpo and Seongdong, where the major reconstruction complexes are located, except in Gangnam District 3. In Yeongdeungpo-gu, 610,000 square meters of Yeouido Apartment District, in Yangcheon-gu, 2.28 million square meters in Mok-dong Reconstruction Complex, and in Seongdong-gu, 530,000 square meters, including Seongsu-dong 1 and 2 -ga , are designated as land transaction clearance zones.
Meanwhile, the Seoul Metropolitan Government finalized and announced the “2040 Seoul Urban Basic Plan”, which included abolishing the “35th floor height limit” applied to apartments in Seoul after 9 years. Starting with the Mido Apartment in Daechi-dong, Gangnam-gu, it is expected that high-rise apartments with 50 or more floors will be built one after another in Seoul. The height adjustment on the 35th floor was introduced in accordance with the Seoul Urban Basic Plan 2030 in 2014, when Park Won-soon was the former mayor, to avoid overhanging landscapes. Mayor Oh has announced plans to abolish the regulation from March last year. In this year’s New Year’s speech, he said, “Not only have we been able to secure diverse skylines and competitive urban landscapes, but we also expect to be able to respond to the future rapidly changing urban environment.”
There are also criticisms of “house price support” over the government’s release of regulatory areas. The Citizens’ Coalition for Economic Justice issued a statement and demanded that “the government must stop rampant deregulation”. “According to KB Housing Price Trends, the average sale price of apartments in Seoul is still more than double, from 600 million won in May 2017 to 1.27 billion won in December last year,” said Korea Economic. Daily. it’s meant to prop up the house price bubble,” he said.
