Korea Land and Housing Corporation (LH) announced on the 1st that it received applications for the purchase of unsold dwellings after completion in the provinces, with a total of 3,536 units applying from 58 companies.
Earlier, in February, the Ministry of Land, Infrastructure and Transport noted that the number of unsold dwellings, referred to as 'malignant unsold units,' had significantly increased, particularly in the provinces, and announced plans to purchase them through LH this year.
Looking at the applications by region, Busan had the most at 783 units, followed by North Gyeongsang Province (564 units), South Gyeongsang Province (531 units), South Chungcheong Province (383 units), and Daegu (286 units).
LH plans to complete document reviews and on-site surveys for the applied dwellings starting in May and to determine eligible dwellings for purchase through a review process in June. Inspections and contract signings are scheduled for July and beyond.
Dwellings that pass the review process will be purchased after verifying the sellers' desired prices. The Ministry of Land and LH have proposed a purchase cap of 'less than 83% of the appraisal value.' However, they plan to calculate and reflect adjustment rates in the range of '-4% to -2%' depending on the duration of unsold status.