Suncheon-si, Multiple Benefits Achieved with Priority Residency System for Apartment Sale Rights

Residence period of 3 months can be adjusted according to real estate sales market conditions

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City (Mayor Heo Seok) is receiving great support from its citizens as the ‘Priority Supply System for Local Residents,’ scheduled to be implemented from February next year, was created with the intention of giving priority to Suncheon citizens in the allocation of apartment sale rights.

In the apartment sales market in Suncheon, which has shown signs of excessive and overheated demand, Suncheon citizens will now be able to receive sale rights first, significantly increasing their chances of securing a home and guaranteeing opportunities for home ownership.

Furthermore, since apartment sale rights will be supplied first to Suncheon citizens, it is expected to play a major role in stabilizing the housing market.

Experts also predict that the repeated ‘population poaching’ among local governments at the end of the year will come to an end with this policy by Suncheon City, and the status of Suncheon, which has risen to become one of the three major cities in Honam, is expected to continue.

Meanwhile, some have raised concerns asking, “Why is the residency period set at 3 months? It should be at least 6 months to be effective.”

In response, there are indications that Suncheon City made the decision after much deliberation.

There is an argument that setting the residency period at 6 months could cause the apartment sales market to cool down sharply.

A 6-month residency period can be interpreted as requiring apartments to be sold exclusively to Suncheon citizens, and a real estate expert said, “If not careful, the housing supply market could cool down rapidly.”

It is advised that a sudden sharp decline in the apartment sales market could lead to various unforeseen problems.

In particular, “Housing prices fluctuate and are affected by the heat of the apartment sales market,” and “Due to the nature of real estate, the market should neither be too hot nor too cold, so caution is necessary,” the expert said.

Additionally, there is an argument that a 6-month residency period might not increase population inflow.

It is claimed that 6 months is too long a condition for those hoping to move to Suncheon from other regions and receive apartment supply.

The apartments scheduled for sale in the first half of next year, including ‘Trimage’ in Wangji 2 District, are expected to number in the thousands of units, so the effects of this policy will be directly felt by the citizens.

Lee Tae-moon, team leader of Suncheon City’s apartment housing division, said, “We will strive for the rights and property rights of citizens through a policy that prioritizes citizens,” and added, “We will carefully monitor the apartment sales market and adjust the residency period as needed.”

Suncheon City’s citizens have responded that this policy simultaneously achieves multiple goals, including guaranteeing citizens’ rights, stabilizing the housing market, sustaining Suncheon’s status as one of the three major cities in Honam, and protecting citizens’ property rights.

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