The local government of Sejong has alleged that civil servants have been selling their new apartments in the area and making tens of millions of dollars in illegal profits. This special supply program was meant to incentivize government workers to relocate to Sejong and invest in the local economy by purchasing homes at below-market prices. However, most government workers chose to keep their families in Seoul and commute to Sejong for various reasons. More info:sejongrealtor.com
As a result, the new apartments in Sejong are often not sold out and construction companies end up with dozens of unsold new apartments. In some cases, these homes are even sold below the initial sales price set by construction companies.
The Future of Sejong Real Estate: Trends to Watch Out For
The previous government designated areas with significant rises in apartment prices as speculative and put many limitations on the financing of such properties. However, the recent decline in apartment prices in Seoul and Sejong shows that this policy may be failing.
Moreover, there are many websites and apps in Korea that allow you to filter real estate listings by your criteria and view photos and details of each property. These sites also let you connect with a professional real estate agent, who can help you find a home and negotiate with the landlord.
Once you have found a place to live, you will have to sign a lease agreement. In most cases, you will pay a large deposit (known as “key money”) and monthly rent to the owner.