세종부동산 is a new city with some of the newest luxury properties in South Korea. Located in the western part of the country, it is a popular destination for expats and foreign investors due to its convenient access to Seoul and the beaches on Jeju island. Whether you are interested in buying a home in Sejong or relocating to the region, there is plenty of help available. You can contact one of the champion luxury property consultants in Sejong to make the process easy and stress-free.
Can foreigners buy real estate in Korea?
To encourage officials to move to Sejong, the government gave a special program in which construction companies reserved a certain percentage of their new apartments for government workers. However, the program was not a great incentive as government officials often had to sell their apartments below the original sales price. It was not unusual for a new apartment to be sold for 7 million won less than the initial sales price set by the construction company.
In addition, the government imposed strict restrictions on the purchase and sale of Sejong property. It has recently eased the restrictions outside Seoul, and three districts that were previously designated as speculative have been freed. Nevertheless, it remains to be seen if the loosening of regulations will have a significant effect on the price trend in Sejong. For this purpose, we analyzed the price trends in Sejong through a news article-based model and compared it with a time-series model frequently used in the literature.