8 Years Later, Sejong Still Lacks Urban Infrastructure
Eight years after being 세종부동산 대표한미르공인중개사 designated as a special city, Sejong struggles to meet expectations. It reeks of an unfinished project and suffers from a critical lack of urban infrastructure. Aside from the government complex area, Sejong looks more like a rural village. Government workers who moved to Sejong under a special housing supply program have been complaining that it’s difficult for them to find affordable apartments.
Sejong’s Real Estate Landscape: Trends and Investment Opportunities
Despite the criticisms, the ruling party has maintained its focus on building up Sejong City. In fact, the DP’s floor leader recently suggested that the Blue House and other government ministries should relocate to Sejong to stabilize apartment prices in Seoul. But relocating the entire nation’s capital to Sejong will not solve Korea’s overpopulation crisis and exorbitant real estate prices.
The government is taking steps to ease restrictions on the real estate market outside of greater Seoul and Sejong. Previously, areas where apartment prices rose sharply were designated as “speculative,” and this designation imposed various restrictions on property purchase. The new policy allows people to purchase more apartments, and restrictions on financing were also lifted. The only restriction that remains in place is the requirement to pay a large deposit and monthly rent. There are a number of websites that allow users to filter listings based on their criteria, and view photos and detailed information about properties. In addition, there are real estate agents who can help people find properties and negotiate with landlords.
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