Korea Housing & Urban Guarantee Corporation (HUG) said on May 4 that it designated two areas—Jung District in Incheon and Icheon in Gyeonggi—as unsold home management zones for May. The designation applies from Mar. 10 to June 9.
The total number of unsold dwellings in these areas is 3,255 units. That is about 5.0% of the nationwide unsold dwellings (65,283 units).
An unsold home management zone is a city, county or district with 1,000 or more unsold units and where unsold units account for 2% or more of the multiunit housing stock, and that meets at least one of the following: increase in unsold units, sluggish clearance of unsold units, or concern over unsold units. Once designated as an unsold home management zone, the area must undergo a prior review when issuing project financing (PF) guarantees for sales within the area.
Incheon's Jung District met all three criteria: increase in unsold units, sluggish clearance of unsold units, and concern over unsold units. Icheon in Gyeonggi fell under the categories of sluggish clearance of unsold units and concern over unsold units.