Suwon, Designated Speculative Overheated Zone, Mandates Submission of Funding Plans for Housing Transactions

[Suwon Ilbo=Reporter Seo Dong-young] Suwon City announced on the 30th that it will mandate the submission of funding plans for housing transactions.

Following amendments to the Ministry of Land, Infrastructure and Transport's 'Real Estate Transaction Reporting Act,' anyone purchasing a house in Suwon, designated as a speculative overheated zone, must submit a funding plan and supporting documents. The measure applies to people conducting housing transactions from the 27th of last month.

Previously, in speculative overheated zones, a funding plan (housing acquisition funding and move-in plan) was required for transactions of properties worth 300 million won or more, and both a funding plan and supporting documents were required for properties exceeding 900 million won. With this amendment, the scope has expanded to all houses regardless of price.

When corporations conduct housing transactions, they must additionally submit a 'Corporate Housing Transaction Report Form' that includes corporate registration status, whether special relationships exist between transaction parties, and the purpose of housing acquisition.

The government and Suwon City expect to conduct more effective real estate actual transaction investigations and enhance transaction transparency.

Suwon was designated as a new speculative overheated zone in June under the government's '6·17 Real Estate Measures.'

For more information, contact Jangan-gu (031-228-5557), Gwonseon-gu (031-228-6479), Paldal-gu (031-228-7478), Yeongtong-gu (031-228-8557)