Korea Real Estate Board (REB) will strengthen its support system to cut confusion in the early stages of redevelopment and reconstruction projects and add speed, in line with the Ministry of Land, Infrastructure and Transport's policy to supply dwellings.
Korea Real Estate Board (REB) said on Sept. 9 that it will further expand and fully operate this year the "resident decision-making support (outline business feasibility review)" program it promoted last year.
In general, the first step of urban renewal projects such as redevelopment and reconstruction not only must check whether they meet the initiation criteria under laws or a local government ordinance, but also faces difficulty gauging future profitability or feasibility, and the procedures are complicated, leading many sites to struggle to advance. As a result, projects have continued to suffer side effects of losing momentum and being delayed at the initial stage.
To resolve these issues, Korea Real Estate Board (REB) is significantly expanding public support measures that reduce uncertainties in early renewal projects and help them proceed quickly. Key items include initiation advisory to see if they comply with relevant regulations and a local government ordinance, an outline business feasibility analysis based on architectural concepts, asset evaluation, and expense estimation, operation of the "visiting renewal project sarangbang" to help understanding of the system, and pre-checks to assist local governments' decision-making.
According to Korea Real Estate Board (REB), zones that received the consulting last year achieved positive results, smoothly connecting to the actual designation phase of renewal zones such as establishing renewal plans, forming promotion committees, and collecting consent forms. This year, the agency plans to further increase the number of eligible zones and take responsibility for follow-up management by continuously checking on-site conditions even after support ends so that residents' judgments can lead to actual administrative procedures.
Both residents and local governments can apply for this program. The target sites are finalized after internal review, such as checking for duplicate submissions for the same zone, and residents who apply directly must submit consent forms. To enhance resident convenience, digital submission channels such as mobile QR codes and an automatic-consent L.I.N.C are also provided. In addition to feasibility reviews, the "visiting renewal project sarangbang," which serves as an on-site briefing, can be requested at any time on the official Korea Real Estate Board (REB) website.
An official at Korea Real Estate Board (REB) said, "To expand the supply of dwellings in downtown areas, it is important to support reasonable decisions on whether to proceed with projects at the early stage of renewal," adding, "We will continue to expand public support functions at the early stage of renewal projects, such as resident decision-making support, initiation requirement reviews, and visiting briefings, to help lay the groundwork for supplying dwellings in urban centers."