MOCT to Abolish 76% of Regulations

The Ministry of Construction and Traffic (MOCT) announced on November 12 that it will abolish 76% of regulations related to housing construction. The MOCT plans to revise laws for the construction of houses in an effort to promote the industry and will fortify the revisions in 1999.
Owners of 'national houses', which are smaller than 25.7 pyong (1 pyong = 35.6 square feet), as well as other houses can now sell their houses at anytime. Until now, owners of the 'national houses' could only sell their houses six months after they purchased the houses. Other home owners had to wait at least 60 days after they bought their homes before re-selling them.
The MOCT also plans to abolish the regulation that requires constructors to receive approvals from local governments when they want to construct buildings bigger than 10 floors. This revision is aimed at promoting the construction market and solving problems of the housing market where prices and supply and demand are often distorted.