As Samsung Electronics prepares to implement its in-house housing loan program, housing prices are showing signs of overheating, particularly around the metropolitan semiconductor belt.
Starting from next month on the 1st, Samsung Electronics will fully launch its in-house loan program, which offers homeless employees up to 500 million won at a low annual interest rate of 1.5% for purchasing a home.
This is an unprecedentedly favorable condition considering that commercial bank mortgage rates currently range from 5% to 7%.
Market observers expect demand to flock to the key areas where these low-interest loan funds will flow in.
Following the tax code revision announcement on the 3rd of last month, apartments priced under 2 billion won in the southern part of Gyeonggi Province drew attention as tax-saving alternatives. Recently, there are even signs of a so-called reverse balloon effect, with demand shifting to key areas such as southeastern Seoul.
The upward trend in housing prices is also confirmed by statistics.
According to KB Real Estate's August National Housing Price Trends, apartment sales prices in Gyeonggi Province rose by 0.83% compared to the previous month. Areas near Samsung Electronics, the so-called semiconductor belt including Yeongtong-gu in Suwon (2.85%), Suji-gu in Yongin (2.76%), and Dongtan-gu in Hwaseong (2.61%), drove the upward trend.
In fact, an apartment with a dedicated area of 84 square meters in Yeongtong, Suwon, was traded at 2.05 billion won, up 185 million won from the previous peak, setting a record high.
Considering commuting distances, experts expect buying momentum to expand to areas such as Bundang-gu in Seongnam and Godeok-dong in Gangdong-gu, Seoul.
In fact, apartment prices in Gangdong-gu and Songpa-gu have each risen by more than 5% since the beginning of this year.
In addition, SK Hynix has expanded its housing loan limit for married employees to up to 200 million won, and the performance-based bonuses of the two companies expected early next year alone are projected to reach 18 trillion won, further increasing the scale of funds likely to flow into the market.
On the other hand, for regular borrowers, mortgage loans are restricted to a maximum of 6 billion won for homes priced at 15 billion won or less in the metropolitan area and regulated zones, 4 billion won for homes between 15 billion won and 25 billion won, and 2 billion won for homes exceeding 25 billion won, making the threshold for commercial bank loans much higher.
(Reported by Lee Hyeon-yeong | Video by Lee Ui-seon | Design by Sumin Lee | Produced by SBS Digital News)
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