Korea Land and Housing Corp.'s program to purchase unsold apartments in regional markets is injecting new momentum into Pohang's real estate sector.
According to Pohang city officials, LH acquired a total of 182 unsold apartment units in the Pohang area through its second unsold-unit purchase announcement, issued in September last year.
The purchases are delivering two benefits: reducing the local inventory of unsold units and expanding residential welfare. The acquired units have been directly reflected in local unsold housing statistics, helping drive down the regional unsold count.
The reduction in unsold inventory has improved market indicators and lifted expectations for a recovery in investment sentiment in the local real estate market.
The purchased units will be used as rental housing for vulnerable populations.
"LH is currently proceeding with an additional third round of its regional unsold apartment purchase announcement," a Pohang city official said, adding that the latest round is notable for expanding eligibility to apartments scheduled for completion within three months of the announcement date.
kbj7653@heraldcorp.com
