Seoul Yongdap Urban Regeneration: Traditional Market Revitalization + Residential Environment Improvement at Once

Seoul City Designates 'Housing Performance Improvement Support Zones'
Subsidies for Renovation of Well-Maintained Houses and Housing Improvement Loan Support

[Asia Economy Reporter Yuri Kim] The Seoul Metropolitan Government has designated an 180,000㎡ area, including the Yongdap Sangga Market area in Seongdong-gu, the nation's first traditional market-residential area linked urban regeneration pilot project site, as a 'Housing Performance Improvement Support Zone.' Through this, it will support the revitalization of repairs for old and deteriorated low-rise residential areas.

The Housing Performance Improvement Support Zone refers to areas designated to receive repair support even outside the previously supported 'Urban Regeneration Activation Areas' and 'Managed Residential Environment Improvement Projects' under Seoul's home repair support policies. To support home repairs, Seoul amended the 'Seoul Metropolitan Government Ordinance on Support for Repairs of Low-rise Residential Areas' in March last year and newly introduced the Housing Performance Improvement Support Zone system.

Areas where more than 60% of low-rise houses have been approved for use for over 20 years, including ▲planned sites for managed residential environment management projects ▲areas where maintenance zones have been lifted ▲scenic and height control districts ▲alleyway regeneration project zones ▲and areas requested by district mayors deemed necessary, can be designated as 'Housing Performance Improvement Support Zones' after review by the Urban Regeneration Committee.

Once designated as a zone, residents can receive repair subsidies under the 'Seoul Beautiful House Project.' Depending on the type of housing, 50-100% of construction costs, up to a maximum of 20 million KRW, will be supported. They can also benefit from Seoul's 'Housing Improvement Loan Support Project,' a low-interest loan program for repair construction costs. Before designation, the city subsidized 2% of the market interest rate, but after designation, a low-interest loan at an annual rate of 0.7% is available.

The newly designated area around 13-22 Yongdap-dong, Seongdong-gu, includes the Yongdap-dong traditional market area, which was selected as the nation's first traditional market-residential area linked urban regeneration pilot project site by Seoul. This decision enables subsidies for home repairs and low-interest construction loans for aging houses in the surrounding residential areas, along with revitalizing the declining traditional market and restoring the local community.

Kang Maeng-hoon, Director of the Seoul Urban Regeneration Office, said, "We will expand the Housing Performance Improvement Support Zones to areas densely populated with aging low-rise houses that urgently need repairs, so that residents can use Seoul's home repair support projects to repair their old and deteriorated houses by themselves."

This content was produced with the assistance of AI translation services.