Gyeongnam Province, "Start of Housing Supply Without Harm to Good Citizens" ... 20,749 New Units for Sale

Changwon City, 8,812 New Units for Sale Next Year, 2,349 Units to Move In by 2022

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kang Sharon] Gyeongsangnam-do is actively responding as the real estate market in the province becomes unstable, with apartment prices soaring recently, especially in Changwon-si’s Uichang-gu (excluding towns and townships) and Seongsan-gu.

According to the Korea Real Estate Board’s announcement on the November housing sales price index growth rates, Changwon Uichang-gu rose from 0.21% to 2.06%, Changwon Seongsan-gu from 0.36% to 2.94%, Masan Hoewon-gu from 0.08% to 0.32%, and Jinhae-gu from 0.06% to 0.31%, showing a significant increase compared to the previous month, intensifying price instability in the real estate market centered around Changwon.

Accordingly, at the end of last month, the province requested the Ministry of Land, Infrastructure and Transport to designate Changwon-si’s Uichang-gu (excluding towns and townships) and Seongsan-gu as regulated areas, and as an additional measure, decided to accelerate housing supply in areas with rising housing prices to stabilize the real estate market.

To this end, next year, a total of 20,749 units will be supplied early, including 3,685 public units from Korea Land and Housing Corporation (LH) and Gyeongnam Development Corporation, and 17,064 private units.

New apartment supply units in Changwon-si with rising housing prices, totaling 8,812 units, Jinju-si 948 units, Yangsan-si 3,414 units, and Gimhae-si 4,624 units, will be supplied as soon as possible, and an additional 2,951 units will be supplied promptly in five other cities and counties including Geoje and Miryang. Accordingly, the province expects the upward trend in housing prices to somewhat ease in the future.

Furthermore, by 2022, a total of 16,496 units are scheduled for occupancy, including 1,722 units from Korea Land and Housing Corporation (LH) and 14,774 private units. By city and county, Changwon-si has 2,349 units, Jinju-si 1,096 units, Yangsan-si 5,974 units, Gimhae-si 3,151 units, and an additional 7,077 units are scheduled for occupancy in four other cities and counties, contributing to residential stability.

Yoon In-guk, Director of the Urban Transportation Bureau of Gyeongnam Province, stated, “The current housing market in some parts of Gyeongnam is expected to cause significant harm to the good citizens if left to market logic without administrative intervention,” adding, “We are seeking solutions through various means such as regulations and housing supply, including recently requesting the designation of some areas in Changwon-si as regulated areas, and we will closely monitor the market to do our best to stabilize the real estate market in the province.”

Going forward, the province plans to actively respond to the unstable real estate market and work organically with cities, counties, and Korea Land and Housing Corporation (LH) to ensure sufficient housing supply and to advance the scheduled housing supply for early sale as much as possible.

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