▲ Korea Land and Housing Corporation (LH)
Nearly 7,000 housing units have been submitted for the government's additional buyback program for unsold properties in provincial areas, which is being led by the Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation (LH).
According to LH on June 15, a total of 6,953 units across 70 complexes were applied for the third round of the buyback program between April 27 and June 5.
This figure represents an increase of 768 units compared to the second round of the program, which saw 6,185 units across 82 complexes submitted.
"Homes scheduled for completion within three months," which were included in the third round for the first time, accounted for 19% of the total, with 1,349 units across 9 complexes.
By region, North Gyeongsang Province had the highest number of applications with 1,256 units across 10 complexes, followed by Busan (1,045 units in 14 complexes), South Jeolla Province (769 units in 10 complexes), South Gyeongsang Province (653 units in 11 complexes), and South Chungcheong Province (611 units in 10 complexes).
LH plans to complete on-site inspections by July, followed by purchase deliberations in August and appraisal processes from September onwards.
The target for the third round of acquisitions is 5,000 units by the end of the year.
This buyback program is a follow-up measure to the "Plan to Strengthen Construction Investment Focused on Provincial Areas" announced by the government last August, aimed at addressing the issue of unsold homes in provinces while providing housing support for local workers.
LH has also signed a housing support agreement with Gwangju Metropolitan City and Gwangju Global Motors (GGM) to supply unsold apartments near the GGM plant to its workers as public rental housing as part of a pilot project.
※ Please note: This article was translated by AI and may contain errors.