Osan in Gyeonggi and Gyeongsan in North Gyeongsang Designated as Unsold Apartment Management Areas

HUG Adds Two New Unsold Apartment Management Areas in October

On October 7, Korea Housing and Urban Guarantee Corporation (HUG) announced that Osan in Gyeonggi Province and Gyeongsan in North Gyeongsang Province have been newly designated as unsold apartment management areas this month.

An unsold apartment management area is designated when the number of unsold units reaches 1,000 or more or when the number of unsold units exceeds 2% of the total multi-family housing stock in a city, district, or ward, provided certain conditions are met. These conditions include cases where the volume of unsold apartments is increasing, where efforts to reduce unsold inventory have been sluggish, or where there are concerns about potential unsold inventory. If an area is designated, pre-screening is required for the issuing of sales (PF) guarantees within that region.

Previously, Gangneung in Gangwon Province had been designated but its designation was lifted this month. With the existing designations of Yeongjong District in Incheon, Gangseo District in Busan, and Cheonan City in South Chungcheong Province, there are a total of five unsold apartment management areas. The designation will remain effective through November 9. As of the end of August, there were 11,235 unsold units in these management areas, accounting for about 16% of the nationwide total of 69,134 unsold housing units.

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