Changwon Special City, Seongsan-gu Removed from Adjustment Target Areas 'Greatly Welcomed'

An apartment complex in Seongsan-gu, Changwon-si, Gyeongnam. [Image source=Changwon Special City Hall]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon Special City, Gyeongnam, expressed delight on the 21st over the news that Seongsan-gu was removed from the adjustment target area as decided by the 3rd Housing Policy Deliberation Committee of the Ministry of Land, Infrastructure and Transport in 2022.

The city analyzed that this removal from the adjustment target area is due to the recent downward stabilization of the housing market, including falling real estate prices and decreased transaction volumes, as well as the effect of real estate price stabilization in Uichang-gu, which was removed from the speculative overheating district on July 5.

If Seongsan-gu is removed from the adjustment target area as of midnight on the 26th, all regulatory areas in Changwon City, which were designated due to real estate overheating in Uichang-gu and Seongsan-gu on December 18, 2020, will disappear.

The city stated that it has been steadily requesting the Ministry of Land, Infrastructure and Transport for the removal of Seongsan-gu from the adjustment target area together with Gyeongnam Province.

A city official said, “Mayor Hong Nampyo visited the Land, Infrastructure and Transport Committee on September 1 to provide a detailed explanation of the local real estate situation and actively requested cooperation for the removal of Seongsan-gu from the adjustment target area to stabilize the regional economy and people's livelihoods.”

The city anticipated that with this removal of the regulatory area, real estate transactions driven by market economy will proceed smoothly, revitalizing related industries that had been sluggish.

Choi Jaean, Director of the Environment and Urban Bureau, said, “We welcome this decision by the Ministry of Land, Infrastructure and Transport,” adding, “Since real estate transactions may become overheated due to the removal of the regulatory area, we will strongly crack down on forces disrupting the real estate market.”

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