Suncheon City Implements Priority Apartment Supply System for Local Residents
Establishing Housing Supply Order by Blocking External Speculative Forces Access
[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City (Mayor Heo Seok) is implementing the ‘Priority Supply System for Local Residents,’ which allows people who have lived in Suncheon for more than three months to have priority in purchasing apartment units, in order to expand opportunities for citizens to own homes and stabilize the housing market.
The ‘Priority Supply System for Local Residents’ is a system that, according to Article 54 of the Housing Act and Article 4 of the Housing Supply Regulations, allows priority supply of apartment units to local residents to prevent speculation in the area. Suncheon City plans to implement this system starting January next year after an administrative notice period of about 20 days.
Suncheon City determined that measures are needed to block outside speculative forces and expand opportunities for genuine demanders, the citizens of Suncheon, to own homes, and thus decided to strengthen the priority supply criteria.
Accordingly, from February next year, when applying for apartment units, even Suncheon residents must have lived in Suncheon for more than three months to meet the priority supply (first priority) eligibility criteria for local residents.
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A Suncheon City official stated, “This system was implemented to restore order in housing supply by blocking access from outside speculative forces and to expand sales opportunities for Suncheon citizens so that the housing burden on citizens does not increase due to rising sale and purchase prices,” adding, “We will do our best to ensure that no damage occurs to genuine demanders due to illegal activities and that the housing market stabilizes through the priority supply system for residents being implemented this time.”
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