Changwon City Prepares Comprehensive Housing Measures Amid 'Rapid Apartment Price Surge'

2021 Apartment Sales 6,235 Units, Rentals 740 Units, Total 6,975 Units Newly Supplied

Newly Supplied Apartment Areas in Changwon City (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Changwon City in Gyeongnam announced on the 27th that despite the government's high-intensity real estate policies, apartment prices are soaring, and the city is responding in various ways to strongly regulate real estate speculation forces that are fueling the rise in housing prices.

The city is focusing on cracking down on real estate transaction order disturbances such as price collusion and false listing advertisements, and plans to disclose the results of crackdowns on its website, including the volume of transactions by outsiders and types of speculative forces, to prevent damage to citizens caused by real estate overheating and speculation.

In addition, to establish a comprehensive mid- to long-term plan for housing market stabilization, due to the recent steep rise in housing prices in the Uichang-gu and Seongsan-gu areas, which has increased the burden on actual demand citizens to purchase homes, the city is working on prompt processing of apartment project plan approvals and coordinating to ensure smooth supply of apartments scheduled for supply in 2021.

The newly planned apartment supply includes 6,975 units (6,235 for sale / 740 for rent) scheduled for December this year: ▲ Myeonggok LH Newlywed Hope Housing ▲ Daewon 3 District Reconstruction Apartments ▲ Buk-myeon Mudong District Dongwon Royal Duke Complexes 1 and 2 ▲ Anmin-dong Public Support Apartments ▲ Apartments within Sahwa Park and Daesang Park.

Regarding the unstable housing market due to recent apartment price increases, Changwon Mayor Heo Seong-moo said, “Housing prices have risen due to the low interest rate policy and increased market money supply aimed at responding to the difficult economic situation caused by COVID-19,” and added, “We will do our best to prepare housing supply plans that match supply and demand balance and mid- to long-term comprehensive housing measures so that the dreams of actual demand citizens to own homes do not fade away.”