‘Apartment Subscription Priority 1, 6 Months Residence’ Becomes History... Daegu City Abolishes Regulation Amid Soaring Unsold Units

Daegu City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] In Daegu, where unsold apartments are significantly increasing, the residency period restriction requiring living for more than six months to qualify for first-priority apartment subscription will be abolished.

On the 23rd, Daegu City decided to abolish the “six-month residency period for priority housing supply” regulation, which has been in effect since August 10, 2017, when the apartment subscription market overheated.

The city stated, “To stabilize the Daegu housing market, which is currently sluggish due to recent housing price declines, low subscription rates, and increasing unsold units, we held meetings with the Housing Policy Advisory Group and real estate experts in August and September, as well as the Daegu Housing Policy Deliberation Committee on the 15th, and made this decision.”

Daegu City plans to finalize the opinions of the Housing Policy Deliberation Committee, issue an administrative notice by the end of this month to abolish the priority housing supply designation, and officially repeal the regulation in December.

A Daegu City official said, “We judged that abolishing the six-month residency period restriction for first-priority apartment subscription would help resolve unsold units. Although the residency period regulation is abolished, applicants must still have their address registered within Daegu city to apply for apartments in the Daegu area. Also, even with the removal of the residency period restriction, the metropolitan city’s three-year resale restriction remains in place, which is expected to prevent speculative forces from entering.”

Recently, Gyeongsan City in Gyeongbuk Province abolished the residency period restriction for first-priority apartment subscription, but in the Seoul metropolitan area, a two-year residency period is still required to qualify for first-priority subscription, and in Busan, Daejeon, and Gwangju, a one-year residency period is required.

Kwon Oh-hwan, Director of the Daegu City Urban Housing Bureau, said, “The current situation with unsold units and housing market stagnation is difficult to resolve in the short term, but we will continue to pursue multifaceted measures, including holding expert advisory meetings such as the Housing Policy Deliberation Committee.”

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