As the real estate measures announced by the government have been focused on the regulation of apartments, the'balloon effect' has emerged, attracting demand for investment in multi-generational, allied, and office buildings, mainly in Seoul and Gyeonggi Province.

According to the Gyeonggi Real Estate Portal, last month (June), the sales volume of multi-family houses in the Gyeonggi area was 6,186 as of today (19th), the highest in 12 years and 1 month since May 2008 (6,940) The.

The situation in Seoul's multi-family, tenement housing market is similar.

According to the Seoul Real Estate Information Plaza statistics, last month's sales of multi-family and tenement houses totaled 5,748 as of today, and reached the highest level in two years and three months after the sales volume in March 2018 (5,950).

The same is true for the officetel market.

By May, the sales volume of officetels in Seoul and Gyeonggi were 5,312 and 3,907, respectively, up 56.3% and 49.2% from last year.

In addition, the number of officetels sold in June of this year was 1,241 to date, the highest number this year.

Considering that the deadline for reporting (30 days) is still over 10 days for a deal contracted in June, the volume of sales is likely to increase further.

The increase in the sale of tenement and multi-family homes is explained by the increased demand for the non-partisan market as an investment destination, which is beyond the scope of the government's successive real estate regulation measures in a low-interest environment with a lot of liquid funds.

When buying a house exceeding 1.5 billion won with the December 16 measures last year, mortgage loans were completely banned, but the target was limited to apartments.

Subsequently, according to the June 17 countermeasures, if you buy more than 300 million won in apartments in the regulated areas including the metropolitan area from the last 10th, the loan for loans will be limited or recovered, but alliance and multi-generational households will not be applied for this, and the gap investment through charter loans will still be applied. Is possible.

Due to this influence, the prices of allied and multi-family homes and officetels in the metropolitan area are rising.

According to the Korea Appraisal Board, the rate of change in allied and multi-generational sales prices in the metropolitan area including Seoul last month was 0.14%, the highest increase this year in March.

The rate of change in officetel sales prices in Seoul continued to rise until April of this year, and then declined slightly (-0.02%) in May, but turned upward again last month (0.03%).

In addition, the government decided to revamp the housing rental business registration system through the July 10 measures, but it is possible for multi-family houses, villas, one-rooms, and officetels to maintain the tax benefits of the registered rental business and to shift investment demand to these products. It is a bigger situation.

According to the July 10 countermeasure, in the future, 2 homeowners must pay 8% when purchasing a house, and 3% or more and 12% of corporations, but the officetel's acquisition tax is 4.6%.

Officetel, a non-residential product, had been recognized as having a high acquisition tax, but this was reversed as a result of the July 10 measures.

Officetels are not included in the number of houses, so they do not fall into the possession tax, such as property tax or general real estate tax.

Professor Kwon Dae-jung, a professor of real estate at Myongji University, said, "In a rich environment of liquidity, the demand for investment in residential products that are relatively free from regulations is rising, and the market price is rising." "There is a need for the government to come up with measures to prevent the balloon effect, as there are a lot of vulnerable people living in officetels." 

(Photo = Yonhap News)