The Democratic Party of Korea has formally asked the government to extend through the end of next year a residency requirement waiver in land transaction permit zones and to include lease contract renewals. The party delivered the proposal on the 15th, responding to concerns that applications are currently accepted only through the end of this year, potentially preventing homeowners affected by next year’s tax reforms from listing properties for sale. Seoul was designated entirely as a land transaction permit zone in October last year, blocking transactions involving properties with existing tenants. The government added a residency waiver supplement in May this year, but excluded lease renewals, prompting criticism over tenant housing stability. The proposal is intended to ease insecurity amid simultaneous increases in home prices, jeonse deposits and monthly rents, while addressing tension between stricter capital gains taxes for non-resident single-home owners and the permit system. Market participants nevertheless expect limited practical benefits. Seoul received 3,012 new apartment permit applications in August, of which 135, or 4.5%, involved residency waivers, unchanged for a second month and far below the 21.7% recorded from March through the first week of May. The ratio was 5.7% in the Gangnam 3 Districts and Yongsan-gu, compared with 3.8% in 10 districts north of the Han River. Tenant-occupied listings face move-in scheduling, buyer qualification and lending constraints, while restrictions on move-out loans make vacant properties easier to trade. Seoul listings exceeded 70,000 earlier this month, but new supply was concentrated in expensive areas, limiting financing access for first-time buyers. Wider rate pressures are adding to the caution: the U.S. 10-year Treasury yield reached 5.039% intraday on the 15th, the Federal Reserve rate-hike probability rose to 94.5%, and the upper limit for hybrid mortgage rates at South Korea’s five largest commercial banks reached 7.29%, with some discussing levels above 8%.