Unconventional compensation benefits are being pointed out for the reasons that the employees of Korea Land and Housing Corporation speculated on land in the new city. The photo shows Gwacheon District, Gwacheon City, where allegations of speculation by LH employees were additionally confirmed following the planned site of the Gwangmyeong Siheung New City. Newsis
‘Under half the market price, 80% loan without price limit, resale immediately after contract, tax reduction.’ It is an unprecedented condition that is difficult to dream of in the current government, which regulates the real estate market with unprecedented intensity.
[안장원의 부동산노트]
To the landlord who accepted compensation for the new city
Priority supply of detached housing land at low cost
Unconventional conditions such as loans and resale
“We need to filter out speculation and exclude compensation”
All kinds of regulations are entangled just for’lotto sales’, where the sales price is less than half of the market price. Intermediate loans with a pre-sale price of 900 million won or less are 40%. If it exceeds 900 million won, you cannot get a loan. After construction, even if the market price exceeds 1.5 billion won, loans are not allowed. The resale limit is 10 years (7 years after moving in). If the market price is more than 1.25 billion won from this year and 1.07 billion won by 2025 due to the realization of the official price, etc., it is necessary to pay the final tax.
The’Dream Lotto’, which is full of benefits, is a compensation housing site that attracts attention due to suspicion of speculation on the planned site of the new city of the Korea Land and Housing Corporation (LH) employees. These are’Relocated Homes’ and’Conventional Transferred Homes’. It is a land where you can build single-family houses such as multi-family houses. Some may include restaurants (stores and detached houses).
Migrants’ residences and negotiated transfers
Migrant residence land is a land that natives who lived and owned a house one year before the announcement date (announcement) of the new city’s planned site public announcement. In addition to cash compensation for home and land, it is given as a relocation plan.
As of the public announcement date, landlords who have agreed to LH’s compensation agreement are eligible for landlords who have land over a certain standard (1,000㎡ in the metropolitan area). It doesn’t matter whether it is a native or an outsider. It is a’carrot’ to speed up the compensation. Refusal to negotiate compensation is forcibly accepted and has no special benefit.
Looking at the price, the migrant homeland is the amount of the new city construction cost minus the cost of installing basic living facilities. The construction cost is in the 70-80% range. The negotiated transferable land is the appraisal amount.
Even if it is a negotiated transfer, it is much cheaper than the market price. The price of the negotiated transferable housing site in Songpa, the Wirye New City, supplied in January by the Seoul Housing and Urban Corporation (SH) was 21 million to 22 million won per 3.3 square meters. Last year, the actual transaction price in the Seongnam area of Wirye New City, which was slightly lower than that of Songpa, was about 28 million won per 3.3 square meters.
Relocated homes are at half the price of those with negotiated transfers. In 2019, Gwacheon Knowledge Information Town, Gwacheon City, Gyeonggi-do, and the supply price of the residential land for the negotiated transfer was 7 million won and 15 million won, respectively, per 3.3 square meters.
reward
An official at the Gwacheon real estate agency said, “The land in Gwacheon needs to pay 25 million won or more per 3.3㎡ to live.”
The immigrant housing site and the suspected transferable housing site can be resold after the contract. Resale price conditions differ depending on the type of public housing site. There is no price limit in public housing districts (including the third new city) developed in accordance with the Special Public Housing Act since 2015. If it was developed by the Housing Site Development Promotion Act in the past, the supply should be less than or equal. Gwacheon Knowledge Information Town is a public housing district and not a Wirye new city.
It was found that the Gwacheon Knowledge Information Town immigrants’ residences and the negotiated transferees were largely resold. According to LH on the 12th, the names of 115 parcels (61%), more than half of the 44 parcels for immigration housing and 190 parcels for cooperative transfer, were changed. Housing land for immigrants was supplied in May 2019 and in October of the same year. It is a land where houses can be built from the end of next year. The transfer of ownership has not been registered, so it is in the state of the right to sell as an apartment. LH did not disclose the resale price.
The high possibility of speculation by outsiders is the negotiated transfer, which has less strict qualification requirements. It can be guessed that the LH employee’s purchase of the land for the new city was expected to gain market price gains for the negotiated transferable land. This is because the market price margin of the negotiated transferable land is much larger than the money left as compensation.
CEO Shin Tae-soo said, “The general public does not know the land that is the negotiated transfer.”
Tax reduction or exemption for rental housing registration
Migrant housing sites and cooperative-transferred housing sites can be built with 3- to 4-story multi-family housing and rented a shopping mall or house. The monthly rent of a multi-family house in Seongnam area in Wirye is 1.3 million to 1.5 million won.
Source: Industry Synthesis
The official price of multi-family homes is usually over 900 million won and is subject to taxation. The publicly announced price of multi-family housing in Seongnam area in Wirye this year is around 1.3 billion won. The tax is 2 million won. When the property tax is combined, the ownership tax is 6 million won.
However, when a leased household is registered as a rental housing, the amount corresponding to the rental housing is subtracted from the published price for calculating the tax. For example, if three households of the same size are placed in a multi-family house with an official price of 1.5 billion won, the official price per household is 500 million won. If two households are registered as rental housing and one household is used by the owner, the official price subject to the tax is 500 million won in the owner’s house, so there is no tax tax.
Kim Jong-pil said, “The government has strengthened the registered rental housing system to exclude apartments from the target of rental housing registration, but multi-family housing can be registered as rental housing if the official price per household is less than 600 million won.”
It seems to be working on the overall compensation system
It is pointed out that the benefits of immigrant housing sites and negotiated transferable housing sites are excessive due to the allegations of speculation by LH employees. It is that the’preferential’ stimulated speculation.
Professor Kwon Dae-jung of Myongji University said, “We must filter out indigenous peoples and outsiders for speculative purposes so that the benefits of housing site development do not return to speculation.”
It is expected that public officials and employees of housing site development-related organizations such as LH will be excluded from land compensation and will be banned from purchasing land.
It is expected that the reinforcement of compensation requirements, such as the target time point and land area, and discriminatory benefits to indigenous peoples and foreigners will be reviewed.
An official from the Ministry of Land, Infrastructure and Transport said, “We are looking at various ways to improve the system throughout the compensation system.”
CEO Shin Tae-soo said, “We need to put restrictions on transactions so that speculation does not take foot, and we need to differentiate the level of compensation to eliminate speculation factors.” Reporter Ahn Jang-won [email protected]
