58.5% of Middle-Aged and Older Adults in Seoul "Willing to Move to Gold City"

Seoul Citizens Supported for Relocation to Provinces through Sangsaeng Housing Project
Relocation Reason: "Because Housing Costs Seem Cheaper"
3 out of 10 Say "Will Sell Seoul-Owned Homes Before Moving"

More than half of Seoul residents aged 40 and over expressed their intention to move to 'Gold City' according to a recent survey. Gold City is a Seoul-local government win-win circular housing project that supports the relocation of Seoul residents by developing high-quality housing and facilities for tourism, leisure, nursing, medical care, and education in regional cities equipped with natural and urban infrastructure.

On the 22nd, Seoul Housing and Communities Corporation (SH Corporation) conducted a perception survey on the Gold City project targeting 1,500 Seoul residents aged 40 and above. The results showed that 58.5% responded that they intended to move to Gold City. The positive response rate to the Gold City project was higher among older age groups and those with sufficient economic preparation for retirement.

The main reasons for wishing to move to Gold City were ‘because housing costs are expected to be low (40.3%)’, ‘due to the natural environment (27.9%)’, and ‘for the health of oneself or family (20.2%)’ in that order.

Among respondents who expressed an intention to move to Gold City, 57.4% preferred home ownership. Regarding the affordable housing price level, less than 500 million KRW (84.6%) showed the highest response rate. The proportion of those who preferred jeonse (a Korean lease system) was 34.6%, and among them, 91.4% were willing to pay less than 300 million KRW. About 8% preferred monthly rent, with the highest response rates for deposits between 50 million and 100 million KRW and monthly rent under 300,000 KRW.

Among respondents intending to move to Gold City, 40.2% said they would relocate within 6 to 10 years, followed by 30.0% who planned to move within 3 to 5 years.

The preferred relocation areas were Gyeonggi Province (58.3%), Gangwon Province (24.5%), Seoul (13.9%), and Jeju (13.2%). These areas were not significantly related to the respondents’ places of origin.

32% of respondents intending to move to Gold City said they would sell their homes in Seoul before moving. Notably, the proportion of homeowners aged 60 and over (36.5%) was higher than that of those in their 40s and 50s (27.8%). The methods of disposing of homes were ‘leasing as jeonse or monthly rent (53.5%)’, ‘selling (32.0%)’, and ‘gifting (inheriting) to children (13.2%)’ in that order.

Regarding ‘important considerations when developing Gold City,’ safety, convenience, growth potential, and comfort were ranked highest. The most preferred service was healthcare services (62.1%).

Kim Heon-dong, President of SH Corporation, stated, “Through the Gold City project, we will resupply housing in Seoul and create a virtuous cycle of residential revitalization by attracting population to regional areas, thereby promoting joint growth between Seoul and local regions.”

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