‘Up to 3 years for individuals and 5 years for publics’ … Sets the duty-to-live period for low-priced housing in the metropolitan area

'Up to 3 years for the private and 5 years for the public' ... Set the duty period to live in an accommodation with a limited selling price limit in the metropolitan area

Photo: YONHAP News

The mandatory residence period for homes subject to the presale price limit in the metropolitan area is 2 to 3 years for private housing and 3 to 5 years for public housing.

The Ministry of Land, Infrastructure and Transport announced on the 27th that the revision of the implementing decree of the “Housing Law” was announced in accordance with the revised Housing Law, so that the compulsory residence period can be fixed within five years.

There is also a rule that it is considered a resident if there is an unavoidable reason, such as moving to another area for the purpose of staying abroad, working or living during the duty to live period.

Also, if the residence is to be resold to Korea Land and Housing Corporation (LH) for livelihood reasons within the resale period, the purchase amount is applied differently in proportion to the difference between the sale price and the price. surrounding market, and the retention period.

In addition, the restriction period for the resale of housing provided specifically for employees of organizations moving to the multifunctional administrative city of Sejong City will be strengthened from 5 to 8 years for overheated speculation districts and from 3 to 5 years for areas other than overheated speculation areas Also included in amendment.

Additionally, a new provision of grounds for voting rights to be exercised online for a certain period of time has also been created when a housing association general meeting is held to prevent the COVID-19 outbreak.

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