Gimhae City Removed from Unsold Housing Management Area... Unsold Housing Decreased by 85%

Panoramic view of Gimhae city (Photo by Gimhae city)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gimhae City in Gyeongnam announced on the 1st that it has been removed from the unsold housing management area. It has been 2 years and 10 months since it was designated in August 2017.

According to the city, the number of unsold houses, which reached 2,097 units in May last year, decreased to 319 units as of May this year, showing a reduction of 1,778 units, accounting for 85% of the total unsold inventory over 12 months.

Looking at the trend of unsold houses in Gimhae over the past 12 months, the number decreased from 2,097 units in May last year to 2,061 units in June, 2,019 units in July, 1,981 units in August, 1,833 units in October, 1,694 units in November, and 1,341 units in December. This year, it continued to decline monthly with 1,085 units in January, 838 units in February, 732 units in March, 625 units in April, and 319 units in May.

In particular, during May this year, nearly 50% of the unsold houses compared to the previous month were resolved, dropping the number of unsold houses below 500 units, which is the basic requirement for removal from the unsold housing management area.

The Housing and Urban Guarantee Corporation (HUG) selects and announces unsold housing management areas monthly among cities, counties, and districts with 500 or more unsold houses that meet any of the following four conditions: ▲increase in unsold houses ▲poor resolution of unsold houses ▲concern about unsold houses ▲need for monitoring.

When designated as an unsold housing management area, developers must undergo preliminary or prior review to obtain sales guarantees, making it more difficult to receive sales guarantees. In Gimhae's case, with the recent removal from the unsold housing management area, obtaining sales guarantees is expected to become easier.

A Gimhae city official said, "As we have been removed from the unsold housing management area, which was designated for nearly three years, we expect revitalization in the housing market."

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