"Up to 20% Off Brokerage Fees for Residents Relocating Due to Redevelopment and Reconstruction"... Nowon-gu Signs Agreement with Realtors' Association

Wolgye Dongsin Apartment and Sanggye 1 Urban Renewal Promotion Zone: 3,200 residents to be covered first
Business agreement signed with the Nowon-gu Chapter of the Korea Association of Realtors

Nowon-gu, Seoul (District Mayor Seo Junho), will provide residents of redevelopment and reconstruction project areas who have to move home with discounts of up to 20% on statutory brokerage fees. The district said on October 14 that it had signed a business agreement on “Brokerage Fee Discounts for Residents Relocating from Redevelopment Project Areas” with the Nowon-gu Chapter of the Korea Association of Realtors in the district mayor’s office on October 13.

Officials from Nowon-gu and the Nowon-gu branch of the Korea Association of Realtors pose for a commemorative photo after signing an MOU on the 13th. Photo provided by Nowon-gu.

Under the agreement, residents of redevelopment project areas who sign a real estate contract through a participating real estate brokerage office will receive a discount of up to 20% on brokerage fees. The benefit is available to both homeowners and tenants, regardless of whether the contract is for a sale or a lease. Residents who move outside Nowon-gu can receive the same benefit by using a participating brokerage office.

The first areas covered are the Wolgye Dongsin Apartment reconstruction project and the housing redevelopment project in the Sanggye 1 Urban Renewal Promotion Zone. About 3,200 members of the associations and tenants are expected to begin moving in the second half of this year. The district plans to expand support to eight project areas awaiting approval of their management and disposal plans or project implementation plans. It expects about 10,000 additional association members and tenants to benefit as their relocation dates approach.

In anticipation of increased relocation demand, the district began reviewing discount measures in August and held a meeting with the association’s Nowon-gu Chapter in September to discuss ways to cooperate. Nineteen local brokerage offices are currently participating, and the district plans to increase that number. Residents seeking a discount can sign a contract through a participating brokerage office by presenting a relocation verification document issued by the relevant redevelopment project association.

Since the launch of the ninth popularly elected administration, the district has strengthened administrative support to expedite reconstruction and redevelopment projects. It is also preparing the “Nowon-style Safe Relocation and Resettlement Model” to help relocating residents secure stable housing and resettle.

District Mayor Seo Junho said, “We will provide attentive support so that we can expedite redevelopment and reconstruction projects while reducing the financial burden residents face during relocation and helping them resettle stably.”

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