April 2026 Real Estate Policy Summary — Real Demand Expansion vs Multi-homeowner Pressure

## April: Real Estate Policy Direction Shifts

The core of April 2026 real estate policy is simultaneously pushing 'expanded real demand support' and 'speculative demand suppression.' President Lee Jae-myung instructed on March 22 during the real estate policy process to exclude multi-homeowners, non-resident high-value property owners, and excessive real estate holders. This clearly shows where policy focus is moving.

These policy stance changes don't affect only the housing market. When funding flows change, industrial real estate, factory sites, and land markets move in chain reactions. Companies preparing factory establishment must read these flows now.

### First-time Loan Expansion — What Changed

First-time homebuyer loan limits expanded to KRW 600 million with 80% LTV applied. Five major bank average rates range from 4.410% to 7.010% (April 2026 basis).

📊 First-time Home Loan Key Details Item|Content Loan limit|Up to KRW 600 million LTV|80% Rate range|4.410%~7.010% (5 major bank average) Eligibility|Non-homeowner household heads

Large differences between fixed and variable rates can create gaps of tens of millions in total interest costs. Real buyers must compare conditions from multiple banks.

## Multi-homeowner Regulations — Meaning of Maturity Extension Prohibition

Starting April 17, maturity extensions for capital region/regulated area apartment mortgage loans are principally prohibited. This doesn't prevent new loans but blocks extensions of existing loans. It's direct liquidity pressure for multi-homeowners currently using leverage.

Increased listings may create price adjustment pressure in some areas, and some funds leaving the housing market may move to commercial/industrial real estate or unregulated areas. However, it's difficult to predict the scale or direction of this fund movement now. This requires watching market conditions for judgment.

## Regional Real Estate — Regulatory Blind Spot

A notable aspect of these regulations is the differential position of provinces.

📊 Capital Region vs Provincial Regulation Comparison Regulatory Item|Capital Region/Regulated Areas|Provinces (Including Gyeongju) Multi-homeowner maturity extension|Prohibited|No restrictions Stress DSR premium|Applied|Deferred until end of June Acquisition tax surcharge|Applied|Not applied

Gyeongbuk region including Gyeongju is excluded from lending regulation targets. Factory land within industrial parks operates under a completely separate system from housing regulations, with independent benefits like 75% acquisition tax reduction and 75% property tax reduction for 5 years for non-capital region industrial park occupancy.

### Impact on Factory Sites

Factory sites are unrelated to multi-housing or DSR regulations. As business assets, they offer tax advantages like depreciation and expense processing. As housing investment regulations strengthen, the relatively lower regulatory risk of industrial real estate becomes highlighted.

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## What to Check Now

First, monitor land price trends for factory site candidates. Increased multi-homeowner listings may indirectly affect surrounding land prices.

Second, regional stress DSR deferral ends in late June. If financing is needed, consider loan execution within the deferral period.

Third, securing permits in advance during land price adjustment periods accelerates later construction decisions.

For Gyeongju factory establishment permit consultations, contact Yeongnam Business Consulting (054-771-5000).