Suwon, Designated Speculative Overheated Zone, Makes Submission of Financing Plans Mandatory for Housing Transactions

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

Following the amendment to the Ministry of Land, Infrastructure and Transport's "Real Estate Transaction Report Act," anyone purchasing a home in Suwon, a designated speculative overheated zone, must submit a financing plan and supporting documents. The measure applies to those conducting housing transactions from the 27th of last month.

Previously, in speculative overheated zones, those trading homes valued at 300 million won or above were required to submit a financing plan (housing acquisition financing and move-in plan), and those trading homes exceeding 900 million won had to submit both the financing plan and supporting documents. With this amendment, the scope has been expanded to all housing regardless of price.

When corporations conduct housing transactions, they must additionally submit a "Corporate Housing Transaction Contract Report Form" containing information such as corporate registration status, whether special relationships exist between transaction parties, and the purpose of housing acquisition.

The government and Suwon City expect to be able to conduct effective real estate transaction surveys and increase transaction transparency.

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

For detailed inquiries, contact Jangan-gu (031-228-5557), Gwonseon-gu (031-228-6479), Paldal-gu (031-228-7478), and Yeongtong-gu (031-228-8557)