00:00before you sign anything in korea's property market the rules just shifted again seoul's public redevelopment push is accelerating and
00:07the financing terms are moving too it's thursday november fifth let's look at what's happening in korea's property market korea's
00:14president says private redevelopment is too slow
00:16he wants more projects run by public agencies local supply is stuck only 128 of 773 redevelopment zones in the
00:25capital region have reached construction that's 16.6 percent here's what the numbers show the government plans to lower the
00:32resident consent threshold for redevelopment associations from 75 to 70 it also plans to raise floor area ratio caps for
00:40public redevelopment projects mortgage rates are diverging the five-year fixed rate for major banks now ranges
00:46from 4.52 to 6.46 percent down from late september variable rates ticked up the gap between fixed and
00:54variable rates has narrowed to about 0.1 percentage points meanwhile the korea housing finance corporation raises its bogim jari
01:02loan rate by 0.1 percentage points starting november 9th the lowest rate product now starts at 5.0 percent
01:09for a 10-year term that's the first time the 10-year rate has entered the five percent range so
01:14what does this mean for buyers weighing a purchase
01:16this year earlier we said the fixed rate drop looked like relief here's what that actually means for you fixed
01:23rates are falling but policy loans have become less competitive buyers in regulated zones face an extra 0.2 percentage
01:30point surcharge if you're planning a purchase track the rate spread not just the headline rate rate hikes by the
01:36bank of korea remain possible treat any current dip as temporary that's today's ai prism
01:41real estate this episode was produced with ai assistance based on sole economic daily reporting
01:47ai prism is a juan ifra award-winning series we'll be back tomorrow
