Ansan City Council Adopts Proposals Urging Real Estate Regulation Easing and Railway Network Expansion

Ansan City Council Calls for Abolition of Loan Regulations for Properties Under 1 Billion Won, and Lower Interest Rates
Urges Inclusion of Shinbundang Line Extension in the National Railway Plan and Timely Opening of the Shinansan Line
"Ease Loan Regulations for Real Homebuyers and Establish Transportation Measures for Southwest Gyeonggi"

The Ansan City Council in Gyeonggi Province has called on the government to revitalize the real estate market and expand the southwest metropolitan railway network.

Jaebok Lee, Ansan City Council Member. Provided by Ansan City Council

On the 10th, during the 4th plenary session of the 305th extraordinary meeting, the Ansan City Council adopted three motions: the "Proposal to Revitalize the Real Estate Market for the Recovery of the Local Economy," the "Proposal to Include the Extension of the Shinbundang Line (Suwon, Uiwang, Gunpo, Ansan) in the National Railway Network," and the "Proposal for the Timely Opening of the Double-Tracked Shinansan Line."

The proposal to revitalize the real estate market, sponsored by Council Member Jaebok Lee, points out that uniform loan regulations are blocking real demand home transactions and further deepening the recession in the local economy.

The City Council stated, "The contraction of real estate transactions is not only affecting brokerage businesses, but also causing stagnation in related industries such as construction, interior design, facilities, finance, moving, and cleaning services," adding, "This directly leads to reduced sales for self-employed business owners and small merchants, and shrinking neighborhood businesses."

The Council specifically pointed out that complex regulations, such as the loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, and debt service ratio (DSR), are being applied in combination, resulting in more cases where end users with sufficient collateral are unable to secure funding due to income-based restrictions.

The City Council demanded that the government abolish loan regulations for real estate transactions of 1 billion won or less and introduce an evaluation system centered on collateral value. The Council also urged the government to gradually lower the base interest rate to at least 1.0 percent per annum, and to establish special measures for normalizing the real estate market and restoring the local economy.

Council Member Jaebok Lee said, "What we need now is not regulations for the sake of regulations, but policies that protect people's livelihoods and revive the economy," adding, "The government must listen to voices from the field and come up with concrete alternatives."

Jinsook Kim, Ansan City Council member. Provided by Ansan City Council

Proposal Adopted to Include the Extension of the Shinbundang Line (Suwon, Uiwang, Gunpo, Ansan) in the National Railway Network Plan

The proposal sponsored by Council Member Jinsook Kim calls for the extension of the Shinbundang Line from Gwanggyo Station through Suwon, Uiwang, and Gunpo to Banwol Station in Ansan to be included in the 5th National Railway Network Construction Plan.

The extension project for the Shinbundang Line will add seven new stations over a total length of 14.54 kilometers, with an estimated project cost of about 1.6 trillion won. The plan is for passengers to be able to transfer from Banwol Station, the new final stop, to Line 4 of the Seoul Metropolitan Subway.

The City Council emphasized that the southwest metropolitan rail network is predominantly structured along a north-south axis, making east-west travel difficult. The extension of the Shinbundang Line is highlighted as a key project to reduce transportation inconveniences for residents in Suwon, Uiwang, Gunpo, and Ansan, and to drive local development.

They also pointed out that, with Ansan Science Valley being designated as a Free Economic Zone, a metropolitan transport system is needed to attract companies and young talent in order to transition from a manufacturing-centered industrial structure to one based on advanced industries such as artificial intelligence (AI) and robotics.

The City Council called on the government to immediately include the Shinbundang Line extension in the 5th National Railway Network Construction Plan, and to comprehensively consider not only economic feasibility, but also factors such as metropolitan transport demand, balanced national development, and the policy necessity of creating a free economic zone. The Council also urged Gyeonggi Province to cooperate with the four related local governments to provide administrative and financial support.

Council Member Jinsook Kim stated, "Ansan has faced constraints on urban growth and the revitalization of the local economy due to a lack of east-west railway infrastructure," and added, "The extension of the Shinbundang Line must be included in the national railway plan to alleviate citizen inconvenience and ensure the success of the Free Economic Zone."

Hyeon Oksun, Ansan City Council Member. Provided by Ansan City Council

Ansan City Council Adopts Proposal Urging the Timely Opening of the Double-Tracked Shinansan Line

Council Member Hyun Oksoon led the proposal calling for a comprehensive overhaul of the Shinansan Line’s safety management system and the establishment of countermeasures to ensure timely opening, following repeated accidents and a switch in train car manufacturers that have caused delays.

The Shinansan Line is a major metropolitan railway connecting Ansan and Yeouido in Seoul in about 30 minutes. Initially planned to open in April 2025, the opening has been postponed to December 2026, and with three fatal construction site accidents over the past year, it is now uncertain when the line will actually open.

In April of the previous year, a collapse of an underground arched tunnel and road at the construction site in Iljik-dong, Gwangmyeong City, resulted in one worker’s death and another’s injury. In December of the same year, a rebar structure collapse at Yeouido Station construction site in Seoul killed one worker and injured two more. Then, in June this year, a worker in Geumcheon-gu, Seoul, fell 15 meters and died at another construction site.

Alongside the inevitable construction delays caused by the redesign and restoration of the Gwangmyeong accident section, the change in train car manufacturer due to cancellation of the supply contract has fueled concerns that the actual opening may be pushed past 2030.

The City Council noted that the delay in opening the Shinansan Line could hinder not only the development of Block 89 in Sadong, development of the old Ocean Research Institute site, and plans for activating the Ansan Science Valley Free Economic Zone, but also follow-up projects such as establishing Jaeyi Station and extending the line to Daebudo.

The Council also called on the Ministry of Land, Infrastructure and Transport and the project operator to conduct thorough safety inspections of the entire line and to overhaul the safety management system. They recommended forming a consultative body of relevant agencies and experts to inspect every stage of the process, from delivery of train cars to test runs and safety verification, and called for a review of the current project management method that causes whole-line delays due to accidents in specific sections.

Council Member Hyun Oksoon said, "We must thoroughly examine whether there are any flaws in the Shinansan Line construction project’s safety management system and prepare measures to ensure timely opening," and added, "The government should respond proactively so that Ansan residents and those in the southwest metropolitan area can use the Shinansan Line as soon as possible."

The Ansan City Council plans to send the adopted proposals to relevant agencies, including the Office for Government Policy Coordination, the National Assembly, the Ministry of Land, Infrastructure and Transport, and Gyeonggi Province.

This content was produced with the assistance of AI translation services.