Real Estate in Sejong
In 2012, a special housing supply 세종부동산 대표한미르공인중개사 program was introduced to induce government workers to move to the central administrative city of Sejong. But it turned into a jackpot for some who bought and sold their new apartments to profit from the rising housing prices in the area. Even though high ranking officials were urged by Cheong Wa Dae to keep their families in Seoul and commute to Sejong for diverse reasons, including children’s schools and spouses’ jobs, some of them still kept their homes in the capital and purchased a second home in Sejong, allowing them to make hundreds of millions of won right away.
As a result, the price of a new apartment in Sejong rose by 42 percent last year, the highest growth nationwide, despite the Moon Jae-in administration’s 22 sets of measures to cool the market. The Moon’s administration cut the loan-to-value ratio — the amount of money a buyer is allowed to borrow from a bank — reduced interest rates and increased transfer taxes for those who own more than two homes.
Investing in Tomorrow: The Future Outlook of Real Estate in Sejong
However, these measures were not enough to slow down the rapid rise of Sejong’s real estate prices. According to the Korea Appraisal Board, the average price of a 98-square-meter apartment in Sejong was about 1.1 to 1.2 billion won as of July 20, up 0.97 percent compared to the previous week. And the price of jeonse, a long-term rent deposit, rose 0.99 percent during the same period.