HUG designates 4 unsold-unit management zones for November, adds Icheon

The Korea Housing and Urban Guarantee Corporation (HUG) announced Thursday that it has designated four unsold-unit management zones nationwide for November, newly adding Icheon in Gyeonggi Province to the list.

Icheon returned to the list just two months after being removed in September. Meanwhile, Osan in Gyeonggi Province and Cheonan in South Chungcheong Province were removed after their unsold unit inventories cleared.

This month's designated zones total four — Incheon's Yeongjong-gu, Icheon in Gyeonggi Province, Busan's Gangseo-gu and Gyeongsan in North Gyeongsang Province — one fewer than last month. The designation for newly added Icheon runs from Tuesday through Dec. 9.

The four designated areas had a combined 5,931 unsold units as of September, accounting for 9.0 percent of the 65,941 unsold units recorded nationwide.

A district, county or borough is eligible for designation as an unsold-unit management zone when it has at least 1,000 unsold units and an unsold-unit rate of 2 percent or more relative to its total apartment stock, and meets at least one of the following conditions: a rise in unsold units, slow progress in clearing unsold inventory, or concerns about future unsold units.

Housing developers seeking pre-sale guarantees or project financing (PF) guarantees in designated zones must first undergo a preliminary review by HUG.

Meanwhile, the Ministry of Land, Infrastructure and Transport's September housing statistics report showed 65,941 unsold units nationwide as of the end of September.