Significant Reduction of 14 Unsold Housing Management Areas... Automatic Deregulation Upon Future Designation as Regulated Areas

(Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] In the future, if an unsold housing management area is designated as a regulated area, it will automatically be removed from the unsold housing management area. Additionally, the monitoring period for unsold housing management areas will be shortened from 6 months to 3 months.

The Housing and Urban Guarantee Corporation (HUG) announced on the 30th that it will revise its internal guidelines accordingly from this day, considering the decreasing trend in the number of unsold houses.

According to HUG, currently, in cities, counties, and districts with 500 or more unsold houses, if any of the following conditions are met ? ▲increase in unsold houses ▲poor resolution of unsold houses ▲concerns about unsold houses ? the area is selected as an unsold housing management area.

Previously, even if these selection reasons were resolved, the area had to go through a 6-month monitoring period before being released, but from now on, this will be shortened to 3 months to allow for quicker release.

Also, even if an area is an unsold housing management area, if it is designated as a speculative area, speculative overheating district, adjustment target area, or high-priced housing management area according to government policy, it will be automatically removed from the unsold housing management area to prevent overlapping conflicting policies.

Meanwhile, HUG announced that it selected a total of 17 unsold housing management areas in its 46th selection, including 1 in the metropolitan area and 16 in local areas.

This is a decrease of 14 from the 31 areas in the 45th selection. No new areas were added to the unsold housing management areas.

Currently, the unsold housing management areas are Anseong-si in Gyeonggi Province (located in myeon and ri areas removed from the adjustment target area), Busanjin-gu in Busan, Sokcho-si, Goseong-gun, and Donghae-si in Gangwon Province, Jeungpyeong-gun in Chungbuk, Dangjin-si and Seosan-si in Chungnam, Yeongam-gun in Jeonnam, Yeongcheon-si, Gimcheon-si, and Gyeongju-si in Gyeongbuk, Yangsan-si, Tongyeong-si, Geoje-si, and Changwon-si in Gyeongnam, and Seogwipo-si in Jeju.

After the 3-month monitoring period ended, Yangju-si and Hwaseong-si in Gyeonggi Province, Jung-gu in Incheon, Seo-gu and Dalseong-gun in Daegu, Chuncheon-si and Wonju-si in Gangwon Province, Cheongju-si in Chungbuk, Mokpo-si in Jeonnam, Gumi-si and Pohang-si in Gyeongbuk, and Gimhae-si and Sacheon-si in Gyeongnam were removed from the unsold housing management areas.

Also, although the monitoring period remains, Pyeongtaek-si in Gyeonggi Province and myeon and ri areas in Anseong-si, which were designated as regulated areas under the recent June 17 real estate measures, were excluded from the unsold housing management areas this time.

As of the end of last month, the total number of unsold houses in the unsold housing management areas was 18,428 units, accounting for about 54% of the nationwide unsold houses totaling 33,894 units.

To purchase project sites for supplying housing (including residential officetels scheduled for issuance of sales guarantees) in unsold housing management areas, a preliminary review for sales guarantees must be conducted.

Even if the land has already been purchased, project operators seeking to obtain sales guarantees must undergo a prior review.

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