Gyeonggi-do Consumer Price Inflation Rate vs. Guri-si Housing Price Increase Rate to Be Submitted
[Asia Economy Reporter La Young-cheol] Guri City in Gyeonggi Province has decided to request again the Ministry of Land, Infrastructure and Transport to lift the designation of speculative overheating zones and adjusted target areas that were previously designated.
Guri City stated on the 17th, "We are re-pursuing the plan to lift the speculative overheating zones and adjusted target areas for local housing supply and residential stability."
The city plans to continuously proceed with the procedures within this year after securing additional data such as the housing price increase rate in Guri City compared to the consumer price inflation rate in Gyeonggi Province regarding the lifting of the speculative overheating zones and adjusted target areas designated throughout the city.
The city analyzed that if the designation is lifted according to the procedures, it will help resolve the rapid rise in housing prices and stabilize housing for low-income residents.
However, since the Ministry of Land, Infrastructure and Transport plans to lift the designations in local areas first, and on the 21st of last month partially lifted some adjusted target areas located in border regions and outskirts of Gyeonggi Province, the possibility of lifting the designation at present remains uncertain.
Previously, the speculative overheating zones and adjusted target areas within Guri were designated and decided in August 2018 and June 2020, respectively.
Accordingly, the city requested lifting twice in August and September, and the Guri City Council also adopted a resolution urging the lifting on the 12th, co-sponsored by members.
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