Dobong-gu Reconstruction 'Boom'... 4,700 Households Confirmed This Year

Changdong Donga, Changdong Jugong 4, and Others to Hold Briefing Sessions
Three Sites Including Banghakdong Sindonga 1 Pass Safety Inspections This Year
Real Estate Slump and High Elderly Ratio Pose Variables

A 'reconstruction boom' is occurring around Chang-dong in Dobong-gu, Seoul, where many aging apartment complexes are concentrated. Since the relaxation of safety inspection regulations in January, the number of apartments confirmed for reconstruction has reached 4,700 units. As competition for speed among complexes intensifies, explanatory meetings for detailed safety inspections are being held in various locations. However, the sluggish real estate market atmosphere and the high proportion of elderly residents are considered variables affecting the revitalization of reconstruction in Dobong-gu.

According to the maintenance industry on the 19th, Dong-A Apartment in Chang-dong, Dobong-gu, will hold a reconstruction residents' briefing session for owners this afternoon. While the inauguration ceremony of the reconstruction preparation committee will take place, plans related to fundraising for detailed safety inspections will be discussed.

The apartment is located right in front of Chang-dong Station on Subway Lines 1 and 4, completed in December 1988, well beyond the 30-year reconstruction eligibility period. It has a total of 600 units. It passed the preliminary safety inspection in 2021.

Ten days later, on the 29th, Chang-dong Jugong Complex 4 will hold a reconstruction residents' briefing session. This apartment also passed the preliminary safety inspection in March last year, and the briefing session will be held to encourage fundraising for the detailed safety inspection. Built in 1991, it is a 33-year-old apartment with 1,710 units. A representative from Chang-dong A Real Estate Office said, "Most of the Jugong apartments in Chang-dong built around 1990 have passed the preliminary safety inspection," adding, "With the recent relaxation of safety inspection regulations, they are actively proceeding with procedures for detailed safety inspections, such as holding briefing sessions."

In Dobong-gu, there are 35 complexes that have exceeded the 30-year reconstruction eligibility period, totaling 30,000 units. This is the fifth highest among Seoul's 25 autonomous districts. Currently, 15 places are pursuing reconstruction, consisting of two in Ssangmun-dong, two in Banghak-dong, ten in Chang-dong, and two in Dobong-dong.

This Year's Status of Passing the Detailed Safety Inspection for Reconstruction in Dobong-gu, Seoul

Among these, three passed the detailed safety inspection after the government's rationalization of safety inspection regulations in January this year. The first complex to confirm reconstruction is Shindong-A Complex 1 in Banghak 3-dong, the largest in Dobong-gu with 3,169 units. It was completed in 1990 and received an E grade, confirming reconstruction. Next, Sang-A Complex 1 in Chang-dong and Hanyang Complex 1 in Ssangmun 3-dong (824 units) also passed the detailed safety inspection consecutively.

As a result, the remaining reconstruction complexes are hastening their steps. Due to the nature of reconstruction involving demolition and relocation, simultaneous project promotion is difficult. If they fall behind during a period when the government is promoting reconstruction, their order may be delayed, so they try to advance the project as much as possible.

However, given the recent economic downturn and the contraction of the real estate market, it is difficult to predict whether this speed race will actually lead to fundraising for detailed safety inspections → passing the detailed safety inspection → designation as a maintenance zone. As of the second week of April, apartment prices in Dobong-gu fell by 5.81% this year. It was the third largest decline in Seoul after Geumcheon-gu and Gangseo-gu.

In particular, the high aging rate in Dobong-gu is one of the variables in promoting reconstruction. The average age in Dobong-gu is 46.7 years, the second highest among Seoul's 25 autonomous districts after Gangbuk-gu (47.3 years). Kim Deok-rye, head of the Housing Research Office at the Korea Research Institute for Human Settlements, explained, "If the homeowner is a retired elderly person without savings, they may lack the capacity to raise additional contributions, so their preference for reconstruction may be relatively low."