Busan Urban Corporation to Acquire 48 Existing Homes in the Second Half of the Year

152 Units in First Half, 48 in Second Half... 200 Units This Year

Busan Citizens Supplied at Less Than 50% of Market Jeonse Price

Busan Metropolitan Corporation (BMC, President Kim Yonghak) will purchase a total of 48 existing housing units through the acquisition lease project to stabilize housing for Busan citizens starting from the 5th.

The acquisition lease housing is a public rental housing program where BMC purchases existing houses in the city center, renovates them, and then rents them out at prices lower than the market rate. BMC continuously acquires about 200 houses annually, and as of August this year, is managing and operating 2,869 units.

BMC completed the acquisition of 152 existing housing units (youth type) in the first half of this year, and plans to acquire an additional 48 units in the second half (40 general type, 8 youth type), supplying a total of 200 units annually.

The houses eligible for acquisition are those within 10 years of use approval in Busan. The general type includes multi-family houses, apartments (multi-unit, row houses, apartments, etc.), and residential officetels with an exclusive area of 20?85㎡. The youth type includes those with an exclusive area of 15?45㎡.

Houses acquired as the general type are supplied to low-income households and single-parent families, while the youth type is supplied to young people aged 39 or younger. BMC comprehensively reviews location and housing quality requirements, and signs a sales contract with the seller based on mutual agreement and the appraised value.

Those wishing to sell their houses should refer to the announcement on the corporation’s website. Application documents must be submitted via email from the 20th to the 24th, and accompanying documents such as the building register must be sent by registered mail.

Kim Yonghak, President of Busan Metropolitan Corporation, said, “BMC has acquired more than 2,800 housing units not only with government subsidies but also with additional self-funding, and supplies them at more than 50% below the market lease price to improve the housing welfare of Busan citizens. As the demand for public housing within the institutional sector increases, we will do our best to ensure stable supply and secure residential spaces that satisfy tenants.”