[Report] Yongsan Residents Anxious Amid 'Yongsan President Era'... Worry Over Possible Housing Price Drop

Yoon Officializes Presidential Office Move to Yongsan
Key to Alleviating Yongsan Residents' Concerns
Residents Worry About Housing Prices and Daily Life Disruptions

In front of the Ministry of National Defense building in Hangangno-dong, Yongsan-gu, Seoul, visited on the 17th. Near the Ministry of National Defense building visible in the distance, there are old, low-rise buildings./Photo by Hwang Seoyul

[Asia Economy Reporter Hwang Seoyul] President-elect Yoon Seok-yeol officially announced on the 20th the relocation of the presidential office to Yongsan. During his presidential campaign, he pledged to have the office in Gwanghwamun, but when it became difficult to fulfill this promise, he announced the Yongsan office instead. President-elect Yoon declared the beginning of the Yongsan presidential era and stated that there would be no additional regulations in Yongsan, but the key issue is whether this can alleviate the concerns already spreading among Yongsan residents.

On the afternoon of the 17th, before President-elect Yoon officially announced the relocation of the presidential office to the Ministry of National Defense building in Yongsan, Seoul, the worries of Yongsan residents had already grown. Real estate agents around the Ministry of National Defense building in Yongsan, Seoul, reported that homeowners were anxious that the office relocation might lead to a drop in property prices. The representative of A Real Estate Agency in Hangangno-dong, Yongsan-gu, Seoul, whom we met that day, said, "Homeowners are very anxious," adding, "Inquiries like 'Are house prices going down? Should we sell?' have been pouring in over the past couple of days."

Especially in the area around 158 Hangangno 1(il)-ga, Yongsan-gu, near the Ministry of National Defense, there were plans for redevelopment through the Hangangno Station Urban Environment Improvement Project, which would include five buildings with 497 apartments ranging from 38 floors above ground to 5 floors underground, and 388 officetels. This has heightened concerns because regulations such as height restrictions for presidential security could limit the floor area ratio in the surrounding area. A representative from B Real Estate said, "If the floor area ratio is restricted, profitability inevitably decreases, so opposition voices from nearby association members are growing louder." The A Real Estate representative also said, "Since President-elect Yoon was elected on real estate public sentiment, we expected redevelopment to accelerate, but instead, homeowners' worries have only increased."

Nearby residents appeared worried that presidential security might cause inconveniences in their daily lives. A resident living near the Ministry of National Defense in Yongsan said, "Just thinking about the increase in rallies and protests gives me a headache," expressing opposition to the relocation.

There were also concerns about worsening traffic congestion. The representative of C Real Estate said, "The road from the Ministry of National Defense building to Yongsan District Office is narrow and usually experiences heavy traffic congestion," adding, "If the presidential office relocates, roads will be controlled for presidential security, so I worry that traffic will become even more complicated." Meanwhile, at a press conference of the presidential transition committee on the 20th, President-elect Yoon responded to a question about whether citizens would be inconvenienced commuting from the Hannam-dong official residence to the Ministry of National Defense building in Yongsan by saying, "With traffic control, it will take 3 to 5 minutes," and added, "I think there will be no major inconvenience."