Changwon-si Seongsan-gu, Removed from Adjustment Target List at 0:00 on September 26

Ministry of Land, Infrastructure and Transport's 3rd Housing Policy Deliberation Committee Review and Resolution to Take Effect at Midnight on the 26th

Map of Seongsan-gu, Changwon-si, Gyeongnam. [Image source=Naver Map]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Seongsan-gu, Changwon-si, Gyeongnam Province will be removed from the Ministry of Land, Infrastructure and Transport's adjusted target areas as of midnight on the 26th.

Gyeongnam Province announced on the 21st that the removal of Seongsan-gu from the adjusted target areas was reviewed and approved at the 3rd Housing Policy Deliberation Committee of the Ministry of Land, Infrastructure and Transport in 2022.

At this deliberation committee, considering the overall market situation including housing prices, adjusted target areas in local regions excluding Sejong and some outer metropolitan areas were removed, and speculative overheating districts in Incheon and Sejong, excluding Seoul and Gyeonggi, were also lifted.

According to the results of the committee meeting, the number of adjusted target areas nationwide was reduced from 101 to 60, and speculative overheating districts from 43 to 39, with the effect of removal taking place from midnight on the 26th.

The province stated that since December 18, 2020, when Uichang-gu and Seongsan-gu in Changwon-si were designated as speculative overheating district and adjusted target area respectively, they have visited the Ministry of Land, Infrastructure and Transport several times to appeal local conditions and civil complaints for deregulation.

As a result, at the 2nd Housing Policy Deliberation Committee on June 30, Uichang-gu was removed from the speculative overheating district, and at the 3rd committee on the 21st of this month, Seongsan-gu was also removed from the adjusted target areas, making all areas of Gyeongnam Province free from regulation zones.

According to the province, recently the apartment sales price index in Seongsan-gu has sharply declined, and transaction volume has dropped by more than 60% since April.

Although Uichang-gu was removed from the speculative overheating district, the apartment sales price index continues to decline, indicating a depressed local economy, the province added.

A provincial official predicted that the removal of Seongsan-gu from the adjusted target areas could somewhat help revitalize the local economy.

Heo Dongsik, Director of the Urban Housing Bureau, said, “Although the regulation zones have been lifted, we will continuously monitor the housing market situation and respond actively to revitalize the local economy and stabilize residents’ housing.” He added, “We hope for much interest in the real estate policies promoted by the province to stabilize the real estate market.”

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