Kim Dong-chan, Gwangju City Council Member, "Housing Supply and Demand Policy Must Be Fully Reexamined"

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] A call has been made for a comprehensive review and shift in housing supply and demand policies considering the population decline in Gwangju Metropolitan City.

Kim Dong-chan, a member of the Gwangju Metropolitan Council (Buk-gu 5), stated during the 296th Gwangju City Council temporary session on the 31st, “Over the next 10 years, housing demand (new + replacement) is estimated to be at least 52,382 to a maximum of 63,948 units, while housing supply is estimated between 125,000 and 187,000 units. This raises concerns about an oversupply of apartments in Gwangju, which could lead to various problems such as a decline in real estate prices, an increase in unsold units, and a downturn in the construction industry,” urging for countermeasures.

He continued, “According to the current Gwangju Metropolitan City ‘Basic Plan for Urban and Residential Environment Maintenance,’ despite the stigma of ‘reckless development and gray city’ around the Cheonbyeon area and downtown Gwangju, redevelopment and reconstruction projects involving ‘53 complexes with 23,932 households’ are underway, meaning new apartment construction is in progress,” expressing concern.

He also pointed out, “In addition, future private park projects, which are many compared to other cities and provinces with 10 parks and 12,415 households, the Pyeongdong semi-industrial area urban development project with 8,683 households, and the Sanjeong district with 13,000 households will add to the supply of apartments. These projects are being promoted without consideration for adjusting the supply and demand of apartments.”

He added, “From now on, a comprehensive analysis of the city’s housing supply and demand in preparation for the era of population decline is urgently needed,” and emphasized, “It is necessary to devise housing policies that prepare for changes in future social structures and housing market conditions such as the increase in 1-2 person small households due to changes in household culture, population decline, and aging, as well as appropriate countermeasures for housing supply policies and high-priced supply led by construction companies.”

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