Apartments in Seoul to Be Remodeled after 40 Years

Apartments in Seoul are expected to be rebuilt after 40 years since its foundation from next July.

Chief of house dept. of Seoul, Bae Gyeong-dong, stated on 20th, “Following plan of the Ministry of Construction and Transportation in which cities decide period of remodeling apartments within at least above 20 years freely, we plan to contain this content in regulating ‘article of consolidation of city and housing in Seoul ’ next year.”

Such plan of Seoul is to be reinforced rather than the stance taken last year, in which Seoul tried to reinforce the period for remodeling apartments from 20 to 40, therefore, it is likely to give a shock to remodeling markets.

Chief Bae said, “Endurance period of steel concrete in building is minimum 60 years, so, safety is no problem even though the remodeling period increase to above 40 years” and added “But, if there is a problem regarding safety in apartments built before 40 years, we will allow remodeling.”

“It will prevent rash remodeling and will exert influence in blocking highly soaring prices of apartments due to remodeling,” he added.

Following this, construction industry raised its opinion, saying, “Early next year before strengthening regulation, remodeling movement will come into effect lively.” and “In this case there may be severe side effects like difficulty in leasing a house on a deposit basis.”

Before this, the Ministry of Construction and Transportation allowed the mayors to decide period of allowing remodeling within above 20 years from June next year, through an enforcement ordinance of ‘article of consolidation of city and housing in Seoul’. Apartments can be remodeled if they pass at least 20 years, following current act of house construction.

Ji-Young Chae yourcat@donga.com