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Newsletter | April 2015, Issue 1
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REAL ESTATE
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Amendments to Enforcement Decrees of Act on Sale of Building Units
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Certain amendments to the Enforcement Decrees of the Act on Sale of Building Units which aim to loosen restrictions on investments in building units, including officetels, became effective on December 3, 2014.
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Prior to the amendment, unsold units remaining after a public units sale were permitted to be privately sold only if (i) more than 40% of the aggregate area of the units subject to the initial units sale had been sold, (ii) the aggregate area of the unsold units remaining after the initial units sale is less than 3,000 square meters, or (iii) two or more public units sales have been conducted. After the amendments, any unsold units remaining after the initial public units sale may be privately sold without restriction.
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