Changwon-si Uichang-gu, No Longer a 'Speculative Overheating Zone'!

Deliberation and Resolution by the Ministry of Land, Infrastructure and Transport's Housing Policy Deliberation Committee, Effective July 5

Map of Uichang-gu, Changwon-si, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Uichang-gu, Changwon-si, Gyeongnam was removed from the speculative overheated district on the 30th.

On the same day, the 2nd Housing Policy Deliberation Committee of the Ministry of Land, Infrastructure and Transport in 2022 decided to lift the designation of speculative overheated districts for six local cities, counties, and districts including Uichang-gu, Changwon-si, considering factors such as interest rate hikes stabilizing the housing market and an increase in unsold houses in local areas.

As a result of this decision, Suseong-gu in Daegu, Dong-gu, Jung-gu, Seo-gu, and Yuseong-gu in Daejeon, and Uichang-gu in Changwon, Gyeongnam were excluded from the speculative overheated districts.

Adjustment target areas for 11 cities, counties, and districts including the entire Daegu area except Suseong-gu, Gyeongsan-si in Gyeongbuk, and Yeosu-si in Jeonnam were also lifted.

Some island areas of Ansan-si and Hwaseong-si in Gyeonggi-do were also removed from the adjustment target, but other areas within these cities and Seongsan-gu in Changwon-si remain as adjustment target areas.

Thus, the number of speculative overheated districts nationwide was adjusted from 49 to 43, and adjustment target areas from 112 to 101.

The adjustment plan will take effect from 0:00 on July 5, when the official gazette publication is completed.

Gyeongnam Province explained that after the designation of regulated areas on December 18, 2020, they visited the Ministry of Land, Infrastructure and Transport to appeal the actual conditions and residents’ complaints of Dong-eup and Buk-myeon areas in Uichang-gu, resulting in the removal of some parts of Dong-eup and Buk-myeon in Changwon-si from the speculative overheated district on August 30, 2021.

This year, they visited the Ministry again in April and June to re-request the lifting of regulations on Changwon-si, and before this deliberation committee, they also sent an official letter urging active consideration of lifting the regulation on Changwon-si.

The Ministry of Land, Infrastructure and Transport plans to maintain regulated areas for the time being, as housing prices in many areas continue to rise or have only recently shifted to decline, and the number of unsold houses remains low.

They plan to review the lifting of regulations again after further monitoring the market in the first half of this year.

Heo Dongsik, Director of the Urban Transportation Bureau, said, “We will continue to monitor the housing market situation for the stability of residents’ housing and work harder to stabilize the real estate market in the province by exploring response measures together with the Ministry of Land, Infrastructure and Transport and Changwon-si according to market conditions.”