Kim Dong-yeon Demands "Comprehensive Review of Speculative Overheated Zones and Adjustment Target Areas in Gyeonggi-do"

"Speculative Overheated Zones and Adjustment Target Areas, Shackles Causing Harm to Gyeonggi Residents"
Proposal to Yoon Government and Ministry of Land to "Fully Reconsider Adjustment Target Areas in Gyeonggi Province"

[Asia Economy Reporter Oh Ju-yeon] Kim Dong-yeon, the Democratic Party candidate for Governor of Gyeonggi Province, stated on the 22nd, "All speculative overheated districts and adjustment target areas within Gyeonggi Province should be reconsidered to align with the real conditions of the real estate market in a way that Gyeonggi residents can accept."

On this day, Kim held an emergency press conference related to real estate in the Gyeonggi Provincial Council briefing room in the morning, saying, "In the previous government, speculative overheated districts and adjustment target areas were selected as measures to prevent real estate speculation," adding, "However, ironically, these measures have become shackles that harm Gyeonggi residents."

Photo provided by Candidate Kim Dong-yeon team

Kim pointed out, "The selection of speculative overheated districts and adjustment target areas was a result of measures that grouped Gyeonggi Province together with Seoul to address the overheated ripple effects in Seoul," and emphasized, "Gyeonggi Province is different from Seoul."

He said, "Even if it was the best or an unavoidable measure at the time, it is reasonable to revise it according to the changed circumstances," and officially requested the Yoon Seok-yeol administration and the Ministry of Land, Infrastructure and Transport, "Conduct a full review of the adjustment target areas within Gyeonggi Province and promptly lift the designation for areas that were unreasonably designated."

Kim explained, "Currently, the adjustment target areas in Gyeonggi Province include Goyang-si, Gwacheon-si, Gwangmyeong-si, Gwangju-si, Guri-si, Gunpo-si, Gimpo-si, Namyangju-si, Dongducheon-si, Bucheon-si, Seongnam-si, Suwon-si, Siheung-si, Ansan-si, Anseong-si, Anyang-si, Yangju-si, Osan-si, Yongin-si, Uiwang-si, Uijeongbu-si, Paju-si, Pyeongtaek-si, Hanam-si, and Hwaseong-si," adding, "Out of the 31 cities and counties in Gyeonggi Province, nearly two-thirds are designated as adjustment target areas."

He also pointed out, "Speculative overheated districts include Seongnam-si Sujeong and Bundang, Ansan-si Danwon, Yongin-si Suji and Giheung, Hwaseong-si Dongtan 2, Gwacheon-si, Gwangmyeong-si, Guri-si, Gunpo-si, Suwon-si, Anyang-si, Uiwang-si, and Hanam-si," and criticized, "The forced application of speculative overheated districts and adjustment target areas in some regions has become a serious obstacle to multi-homeowners disposing of houses and genuine buyers purchasing homes."

Kim added, "As a result, the efficiency of market functions in the real estate market is declining, and it even blocks the supply of housing through healthy transactions."

Kim promised, "For speculative overheated districts under the authority of the governor, I will personally ensure that immediate measures for review and lifting are taken through consultation with the relevant cities and counties, the Minister of Land, Infrastructure and Transport, and the Residential Policy Deliberation Committee."

He further urged the government and the Ministry of Land, Infrastructure and Transport, "Conduct a full review of the designation and lifting criteria for speculative overheated districts and adjustment target areas so that reasonable procedures acceptable to residents can be established." He also demanded, "Announce the deadline for completing the review of adjustment target areas and the changes to the designation and lifting criteria for speculative overheated districts and adjustment target areas so that Gyeonggi residents can trust the process."

Kim emphasized, "The real estate issues in Gyeonggi Province can only be resolved by humbly listening to the voices of the central and local governments, the legislative and executive branches, and the residents of the affected areas, regardless of party affiliation or political faction, and by all of us coming together and cooperating," and added, "I believe you will agree with and cooperate on my proposal for the residents of Gyeonggi Province."