Changwon Special City Realizes Housing Stability Focused on Actual Demanders Such as Youth and Newlyweds

2024 Apartment Supply Plan Establishment

Changwon Special City in Gyeongnam plans to continue its “multi-family housing supply policy” focused on actual demanders such as young people and newlyweds, following the establishment and announcement of this year’s multi-family housing supply plan.

Exterior photo of the apartment complex scheduled for occupancy.

As a response strategy to the “Measures to Expand Housing Supply and Supplement the Construction Market for National Housing Stability” announced by the Ministry of Land, Infrastructure and Transport on the 10th, the city revealed a long-term multi-family housing supply plan aimed at population inflow and housing price stabilization through housing supply centered on actual demanders for “housing market stabilization and welfare realization for the housing vulnerable” in 2024.

The decrease in housing supply in Changwon due to the real estate market downturn since the second half of 2017 has recently led to a reduction in move-in volumes over the past few years. The rapid rise and fall of housing prices amid rapidly changing domestic and international economic conditions have caused instability in the real estate market, resulting in increased housing cost burdens for ordinary citizens, making a proper housing supply direction necessary.

The expected move-in volume in Changwon Special City this year is 8,418 households (5,492 for sale / 1,944 rental / 982 cooperative). Monthly move-in sites include 847 households at Gapobando Viora in March, 401 households at Anmin-dong Public Rental Support Complex 1 in April, 1,159 households at Hyeondong Namyang Hutton in May, 1,470 households at Daewon 3 District in May, 515 households at Dong-eup Hanyang Lips in June, 308 households at Myeonggok LH Happy Housing in June, 458 households at Jinhae Nammun Regencyville Phase 2 in June, 663 households at Hapjeong 2 District in August, 395 households at Myeonggok LH Newlywed Hope Town in September, 613 households at Jedukdong Il Sweet in October, 981 households at Yangdeok 4 District in December, and 608 households at Anmin-dong Joint Rental Support Complex 2 in December, including public rental housing supply for young people and newlyweds, bringing the joy of home ownership.

Additionally, there are currently 22 multi-family housing construction sites under construction, with a total of 18,895 households expected to be supplied and moved into over the next three years. Fourteen multi-family housing sites are planned to start construction this year, aiming to supply 9,141 households by 2027, which is expected to contribute to population inflow.

However, due to rising raw material prices and high interest rates amid recent unstable international situations, the domestic construction market is sluggish, and the timing of construction starts is expected to be determined according to future conditions.

An Jae-moon, Director of the Urban Policy Bureau, said, “For stabilization of the real estate market, customized housing supply responding to social changes such as the increase of single-person households including rental housing, and stable housing supply centered on actual demanders such as young people and newlyweds are most important.” He added, “We will make every effort to stabilize housing prices and ensure housing stability for actual demanders with a plan to supply 37,000 households excluding redevelopment and reconstruction cooperative members and an expected move-in of 24,000 households over the next five years.”

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