Gwangju Seo-gu Council Passes Resolution Urging Removal of Designation as Adjustment Area

Representative Jeon Seung-il's Proposal

[Asia Economy Honam Reporting Headquarters Reporter Shin Dong-ho] The Gwangju Seo-gu Council (Chairperson Ko Kyung-ae) announced on the 14th that at the 1st regular meeting of the 306th Gwangju Seo-gu Council held on the 13th, the resolution urging the cancellation of the designation of Gwangju Seo-gu as a regulated area, proposed by Councilor Jeon Seung-il, was unanimously approved.

According to data from the Korea Real Estate Board, housing prices in the six major metropolitan cities rose by an average of 14.25% over two years in 2019 and 2020, whereas during the same period, Gwangju's increase was only 3.7%.

In response, Councilor Jeon pointed out, "The designation of the entire Gwangju, including Seo-gu, as a regulated area on December 18, 2020, was an excessive regulation."

He also added, "The prospective residents of Hwajeong I-Park apartment in Seo-gu, Gwangju, which collapsed on January 11, are suffering damages such as loan and tax issues due to various regulations stemming from the regulated area designation," and "Since Gwangju apartment sale prices have been declining for seven consecutive weeks, and the conditions for 'real estate market overheating' have been resolved in the current situation, lifting the regulations is urgent."

Meanwhile, the Seo-gu Council opened the 1st plenary session on the 13th and will hold the 1st regular meeting of the 306th session until the 26th, during which it plans to review and approve general agenda items and the 2nd supplementary budget for revenue and expenditure for 2022.

Honam Reporting Headquarters Reporter Shin Dong-ho yjm3070@asiae.co.kr

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