Busan Urban Corporation to Purchase 200 Existing Homes for Youth Type This Year

Early Supply for Young People in the First Half of the Year
Supplied at 40-50% of Market Jeonse Price

Busan Metropolitan Corporation (BMC) will purchase a total of 200 existing houses (youth type) supplied through the purchase rental project to stabilize housing for young people in the Busan area starting from March 6.

Purchase rental housing is public rental housing where BMC buys existing houses in the city center, renovates them, and rents them out at prices lower than the market rate. Approximately 200 houses are continuously purchased each year, and as of the end of last year, 2,919 houses are managed and operated.

This year, BMC plans to prioritize purchasing 200 houses that have high demand from users, convenient transportation, and good quality to stabilize the housing of young residents in Busan, supplying them at 40-50% of the market jeonse price.

The target houses for purchase are multi-family houses and collective housing (multi-unit, row houses, apartments, etc.) and residential officetels within Busan with exclusive areas of 15 to 45㎡.

BMC conducts on-site surveys for houses that meet the requirements and comprehensively reviews location conditions and housing quality requirements. The decision on whether to purchase the house is made through the Housing Purchase Review Committee. For houses decided to be purchased, sales contracts are signed through mutual agreement with the seller based on appraisal amounts and other factors.

Those wishing to sell their houses should refer to the announcement on the corporation’s website. Application documents must be submitted by email from March 6 to March 11, and supplementary documents such as building registers for the purchase application should be sent by registered mail.

Shin Chang-ho, president of Busan Metropolitan Corporation, said, “We hope that the corporation’s purchase rental housing will become a reliable housing ladder for young people in Busan,” and added, “When purchasing existing houses this year, we will additionally invest the corporation’s own funds besides government subsidies to purchase high-quality houses desired by demanders in the city center and supply them early to young people in Busan.”