Strengthening the Use of 'National Property' as K-Drama Filming Locations... Extension of Installment Payments up to 10 Years

The government will establish a national property location database (DB) to support the production sites of K-content such as movies and dramas. It also plans to set up overseas national properties as complex diplomatic missions to provide integrated administrative services for overseas Koreans.

On the 14th, the Ministry of Economy and Finance announced the "2024 National Property Comprehensive Plan" at the "National Property Policy Deliberation Committee" chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho.

National property exceeded 1,000 trillion won in 2016 and currently stands at around 1,300 trillion won. Until now, national property policies have been operated mainly for administrative purposes and maintenance, which had limitations in meeting the public's demand and expectations for utilizing national property.

Accordingly, the government shifted the direction of national property policy to strengthen private sector capabilities and support the economy, and established measures last August to sell and activate the use of idle and underutilized national properties.

First, national property will be utilized to support K-content. For example, the old Jangheung Prison was used as a filming location for the movie "The Prison." Starting next year, the government plans to select filming locations by region and build a photo and video DB, linking it with the Korea Film Commission DB.

[Image source=Yonhap News]

Large-scale idle sites that are difficult to sell to the private sector will be developed through a long-term lease system. The lease period will be extended from the current 30 years to 50 years, and a lease fee calculation method linked to sales revenue will be introduced.

In cooperation with the Ministry of Foreign Affairs, the government is also planning a project to develop overseas complex diplomatic missions combining overseas diplomatic offices, public institution offices, and corporate exhibition halls in key overseas cities. This is to enhance convenience for overseas Koreans and elevate national prestige.

The installment payment period for national property purchase prices will be extended to ease the payment burden. For the general public, the current 3-year period for amounts over 30 million won will be extended to 5 years, and for local governments, the current 5-year period will be extended to 10 years.

Additionally, idle properties such as underutilized police centers will be used to create spaces supporting government youth policies such as startups and housing. There are plans to additionally establish youth startup hubs or supply public housing combining startup and residential functions.

To strengthen public access to information on national property, the government plans to actively promote the establishment of a national and public property linkage system from next year, enabling comprehensive and multidimensional confirmation of the utilization status of national and public properties.

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