Gyeongnam Province Requests Removal of Speculative Overheating Zone in Dong-eup and Buk-myeon
Request for Deregulation Considering Local Conditions After Designation of Dong-eup and Buk-myeon as Speculative Overheated Zones in December Last Year
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do officially requested the Ministry of Land, Infrastructure and Transport on the 4th to lift the designation of speculative overheating zones for Dong-eup and Buk-myeon areas in Uichang-gu.
In December last year, the Ministry of Land, Infrastructure and Transport designated Uichang-gu (excluding Daesan-myeon) as a speculative overheating zone and Seongsan-gu as a regulated area due to signs of overheating in the real estate market.
Since then, Gyeongnam Province has continuously monitored real estate market trends within the province, including Buk-myeon and Dong-eup areas.
They assessed the actual conditions such as the regulated areas and balloon effects, and held a real estate policy advisory group meeting last month.
As a result, it was confirmed that after the designation of the regulated areas, the price increase range of sales in Uichang-gu and Seongsan-gu narrowed, and since mid-February, prices have shifted to a decline.
In particular, in Dong-eup and Buk-myeon areas, apartment transaction volumes have decreased and average prices have fallen, raising concerns that this may lead to a downturn in the local economy.
Accordingly, the province visited the Ministry of Land, Infrastructure and Transport with Changwon City in January and April to convey the local real estate market conditions of Dong-eup and Buk-myeon areas.
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As a follow-up procedure, they officially requested that the lifting of the speculative overheating zone designation for Dong-eup and Buk-myeon areas in Uichang-gu be submitted as an agenda item to the Ministry of Land, Infrastructure and Transport's Housing Policy Deliberation Committee in July.
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