"It's not Gangnam that's the problem right now"... People say they'll go around banks

[Financial News] "It's not Gangnam that's the problem right now. Due to the land transaction permit system, house prices in other areas are also continuously rising, and with further loan reductions, I don't know when I'll be able to buy my own house. I need to quickly look into financing."(Nowon-gu, Seoul·35 years old·Male)
With the implementation of the 3rd stage stress DSR (Debt Service Ratio) approaching in July, the buying sentiment for housing in Seoul is rapidly increasing. After the re-designation of the land transaction permit zones by the Seoul Metropolitan Government, house prices are rising, especially in high-end apartment areas, and the government's continued tightening of loan regulations is stimulating buyers' sentiment. 
According to the weekly national apartment market trends by KB Real Estate on the 26th, the purchase priority index in Seoul for the 3rd week of May (as of May 19) was 63.1, rising by 3.5p compared to the previous week (59.6). The index is still below 100, indicating more sellers in the market, but it has been on the rise for five weeks since it rebounded to 53 in the 3rd week of April (as of the 21st). This upward trend is analyzed to be due to buyers moving ahead of the DSR strengthening. When the 3rd stage stress DSR is implemented, an additional interest rate of 1.5% will be applied to existing loan rates, reducing the loan limit and increasing financial pressure.
In the same period, the purchase priority index for the 11 districts of Gangnam was 73.7, up 7.2p from the previous week (66.5). The index showed a downward trend after recording 81.1 and 78.7 in the 2nd week (as of March 10) and 3rd week (as of March 17) of the land transaction permit zone lifting period, but rebounded to 61 in the 4th week of April (as of the 28th) and recovered to the March level within a month.
At the same time, apartment prices in Seoul are showing a strong upward trend, centered on high-end areas in Gangnam. According to KB Real Estate, the apartment sales price in Seoul for the 3rd week of May rose by 0.17%, continuing the upward trend for 17 consecutive weeks since the 3rd week of January (as of the 20th).
In particular, despite the re-designation of the land transaction permit zones, record high transactions are continuously occurring, centered on luxury apartment complexes in the three districts of Gangnam, pushing up the market price. In Cheongdam-dong, Gangnam-gu, Hyosung Villa Cheongdam 101 was traded at 11.3 billion KRW for 226㎡ on the 1st of this month, and Tower Palace 1st phase was traded at 8.2 billion KRW for 244㎡ on the 7th, setting new record prices. On the 17th, a 68㎡ apartment in Seocho Shinbanpo 2nd phase was traded at 3.5 billion KRW, setting a new record.
 Park Won-gap, Chief Real Estate Specialist at KB Kookmin Bank, pointed out, "With the land transaction permit system and loan regulations, buyers' fear is growing, and contrary to the government's intentions, the market is becoming more distorted," adding, "The phenomenon of switching to high-end areas or focusing on a single property is also a major problem."
en1302@fnnews.com Jang In-seo Reporter