The Seoul city government will reorganize its market monitoring system to enhance expertise in real estate policy.
According to reports on the 22nd from the Seoul city government, the Real Estate Policy Development Center submitted a plan for the 'reorganization of the real estate market monitoring' to the city council.
The Real Estate Policy Development Center is an expanded organization of the Housing Policy Support Center under the Housing Bureau, which was reorganized in May. An additional real estate finance analysis team is being added, and recruitment procedures for external professionals are underway.
This reorganization plan includes expanding the range of materials analyzed by the center. In addition to indices from other institutions and the Seoul price index, the average transaction prices for real transactions by business site will also be analyzed.
The transaction volume will not only consider sales and rental transaction volumes but also include transactions of occupancy rights, subscription rights, and auction transactions. In terms of housing finance, the analysis will include not only mortgage interest rates but also the lending rates of commercial banks, policy finance, and internal management content of mortgages by each bank.
The target for the real estate sentiment survey will be expanded to include 460 current brokers in the Seoul area and 40 professionals, along with 100 certified brokers and 10 finance experts from 10 adjacent cities.
In macroeconomic fields, criteria such as the base rate, prices, currency supply, household debt, as well as leading and coincident economic indices and household financial welfare surveys will also be referenced.
Additionally, the center has decided to expand the criteria for soliciting opinions regarding the planning and permitting of redevelopment and reconstruction sites from over 2,000 dwellings to over 1,000 dwellings.
Recently, as apartment prices in Seoul surged, the center began full-scale analysis work. Recently, the center requested the Ministry of Land, Infrastructure and Transport for actual address information on all apartment sales and rental contracts in Seoul from January to May.
Following the reassignment of the land transaction permit zone, as apartment prices in Seoul rose, the city reorganized by launching the Real Estate Policy Development Center as a follow-up measure. The existing housing market analysis team under the center was subdivided into the 'real estate policy analysis team' and the 'real estate finance analysis team,' increasing staff by area of policy and finance to enhance expertise.
In the Housing Bureau's Housing Policy Division, a new 'real estate system team' was established, taking over the review and drafting work of the land transaction permit zone that was previously handled by the Urban Space Headquarters.