Yeosu Gyeongsillyeon Hosts Forum on 'Current Status and Direction of Public Housing Policy'

Apartment Average Sale Price Highest and Growth Rate Record in Jeonnam

[Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek] Apartment prices in the Yeosu area of Jeollanam-do have been revealed to be the highest in Jeollanam-do, rising from 130 million to 250 million KRW, with the highest rate of increase recorded.

The Yeosu Economic Justice Practice Citizens' Coalition held a forum on the 14th under the theme "Current Status and Direction of Yeosu City Public Housing Policy."

At the forum, presentations were given on topics including "Current Status of Yeosu City Public Housing Policy" by Kim Seong-dal, Director of the Central Kyungsilryeon, "Cases of Local Government Public Housing Policy and Application Plans for Yeosu City" by Song Young-ho, Secretary General of Yeosu Participation Solidarity, and "Yeosu City Apartment Supply and Regulation Status" by Kim Dong-ho from Yeosu City's Permit and Civil Affairs Process.

The discussion that day drew attention to the current status of public housing policy in the Yeosu area.

According to statistics from the Korea Real Estate Board, based on the average unit sale price of apartments from 2017 to 2021, Yeosu apartment prices rose from 130 million to 250 million KRW, making them the most expensive in Jeollanam-do with the highest rate of increase.

In particular, it was pointed out that the proportion of public housing is extremely low.

According to the 2019 rental housing statistics from the Ministry of Land, Infrastructure and Transport analyzed by Director Kim Seong-dal, the actual public housing in Yeosu City amounts to only 5,816 units.

The inventory rate is 4.9%, and it was found that Yeosu City does not independently own any public housing.

Director Kim criticized, "The 10-year public housing that provides huge unearned income to Booyoung is an unfair profit gained through overpriced sale conversion."

He proposed measures to expand public housing, including abolishing short-term rentals and Booyoung Development, expanding affordable public housing for low-income people, increasing rental housing over 30 years, expanding land lease building sales at 5 million KRW per pyeong, and disclosing specifications to eliminate bubbles in basic construction costs.

Regarding the recent controversy over Woongcheon Booyoung's sale conversion, he pointed out, "Despite legal interpretations concerning the calculation of sale prices to protect tenants, the sale price was maliciously calculated," and criticized, "Yeosu City should have pointed out problems in sale price review and appraisal and made efforts to mediate."

He also stated, "Seeing the Yeosu Booyoung incident, the establishment of a dispute mediation committee is urgently needed," citing the case of successful sale conversion agreement through active mediation by Pohang City.

As for institutional improvement directions for public rental housing, he emphasized, "Considering the high vacancy rate, efficiency should be improved, and public or non-profit organizations should be allowed to supply public housing."

The Yeosu Kyungsilryeon plans to supplement the opinions discussed at this forum and deliver them to Yeosu City.

A representative of Yeosu Kyungsilryeon said, "Through the Yeosu Economic Justice Research Institute established last year, we will continue to handle major current projects of Yeosu City such as survey research projects and real estate-related projects, discovering policy tasks for next year's local elections, and forums for public discussion on coexistence in the Yeosu Industrial Complex community."

Yeosu=Asia Economy Honam Reporting Headquarters, Reporter Sim Kyung-taek simkt7@asiae.co.kr

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