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Apartment Prices to Rise 2-3 Pct Next Month

Posted August. 29, 2008 10:08,   


Apartment prices will slightly rise next month with the planned lifting of the ceiling on construction fees.

The resale of officetels, however, will see restrictions from Sept. 22 as buyers cannot resell their purchase right.

The Land, Transport and Maritime Affairs yesterday said the limit on construction fees for apartments needing government permission for presale will be raised. The construction industry predicts a rise of five percent in the limit as prices of key building materials have gone up a lot.

This will cause apartment prices to rise two or three percent.

In addition, houses built by Samsung C&T Corporation, Amco, Dong Il Construction, and Seohai Construction –- companies selected as excellent by ministry surveys on customer satisfaction -- can charge an additional one-percent construction fee for units built above ground.

From Sept. 14, real estate agents who have sold properties in housing transaction reporting zones must report transactions to provincial governments within 15 days.

From Sept. 22, the resale of officetels in nine metropolitan areas with a population of more than 500,000 will be allowed only after ownership is transferred to contractors upon completion of construction.