'The Korean version of the vacant house bank' is set to be fully operational, leading to an increase in vacant house transactions. The vacant house transaction platform, aimed at supporting transactions of vacant homes in rural areas, has already recorded completed transactions since its initial launch. The government plans to expand the transaction platform to include vacant houses in urban areas around the end of the year.
According to the Ministry of Land, Infrastructure and Transport and the Ministry of Agriculture, Food and Rural Affairs, the Korean version of the vacant house bank has officially begun operations. The Ministry of Land provides transaction services for buying and renting vacant houses through the 'Vacant House Love' platform, while the Ministry of Agriculture provides services through the 'Green Road' platform.
Among these, Green Road began transactions of vacant houses first. Since last month, Green Road has been introducing vacant houses and connecting interested buyers. When a vacant house owner expresses their willingness to sell to the local government, a certified real estate agent contacts the owner to gather their intentions for selling or renting, and the platform lists the properties.
Currently, 19 local governments are participating in the Green Road vacant house bank. The vacant houses listed here are located in rural areas, with most of the buyers being those who hope to return to farming or living in rural communities.
As of today, there are 88 properties listed on Green Road. The listing prices range from 12 million won to 600 million won.
Although it is still early in the transaction phase, two transactions have been completed. The properties that were sold are located in Geoje-si, Gyeongsangnam-do, and Damyang-gun, Jeollanam-do, respectively.
The vacant house love platform, operated by the Ministry of Land through the Korea Real Estate Board (REB), will begin supporting vacant house transactions by the end of this year. The platform is expected to facilitate transactions not only for vacant houses in rural areas but also for those located in urban areas.
A Ministry of Land official noted, 'Even in urban areas, there are regions close to rural areas, so we plan to expand the operation of the vacant house love platform to include all vacant houses in rural and urban areas.'
With the launch of the government's vacant house transaction platform, the utilization of previously neglected vacant houses is expected to increase. Despite a rise in vacant houses, particularly in rural areas due to an aging population, it has been difficult to sell them, often leading to demolition or abandonment. However, with the government's platform facilitating the connection between sellers and buyers, an increase in vacant house transactions is anticipated.
According to the vacant house love platform, there were 134,009 vacant houses nationwide last year. Of these, 116,406 were located in rural areas. In the capital region, including Seoul, Incheon, and Gyeonggi, there are 17,603 vacant houses.
Vacant houses detract from urban aesthetics and increase safety risks such as fires and collapses, thus worsening the living environment. Ultimately, this leads to a decrease in the vitality of local economies and communities.
The government's system for vacant house management and maintenance support is also expected to be strengthened. Relevant departments plan to carry out community-customized maintenance projects utilizing vacant houses. Additionally, next year, a public investee corporation aims to purchase, demolish, and utilize vacant houses through a 'vacant house hub.' In particular, to facilitate the active demolition of vacant houses, the Ministry of Land has established a budget of 15 billion won for the vacant house demolition support program in the upcoming fiscal year.