Rent Reduction for 947 Shared Properties Including Seongdong Public Market
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] The rent for shops in Seongdong Public Market, owned by Gyeongju City, which had increased by up to 43% last year, will be reduced by as much as 66.72% compared to a year ago.
This decision was made by Gyeongju City to reduce the burden on small merchants struggling due to the prolonged COVID-19 pandemic, by cutting rent by more than half for tenants of 947 public properties including restaurants, snack bars, and cafes in this public market.
According to Gyeongju City on the 24th, in Seongdong Public Market, the rent for the main building will be adjusted from 48,650 KRW per month to 16,210 KRW (66.68%↓), the fresh fish building from 30,400 KRW to 10,300 KRW (66.67%↓), the shop building from 24,320 KRW to 11,440 KRW (52.96%↓), and the west side building from 11,390 KRW to 3,790 KRW (66.72%↓).
The total amount of rent reduction due to this discount will reach 720 million KRW over the course of this year.
Gyeongju City also explained the reason why the rent for Seongdong Public Market shops was increased by up to 43% compared to last year.
A Gyeongju City official stated, "Last year, the Ministry of Land announced that the official land price of nearby standard land increased from 2.07 million KRW per square meter to 2.961 million KRW, a 43.04% increase. Additionally, during last year's city council administrative audit, it was pointed out that the rent was excessively low compared to surrounding areas, causing fairness issues, so the adjustment was unavoidable."
He added, "In the future, we plan to hold close consultations with the market merchants' association and the city council to find ways to both rationalize the rent for city-owned properties and alleviate the difficulties faced by small business owners."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
