“Seoul, approximately 50,000 households will be relocated or destroyed within 2 to 3 years due to maintenance projects.”

Analysis by Woori Bank Research Lab... “Timing needs to be coordinated so that large-scale migration does not overlap.”

(Seoul = Yonhap News) Reporter Oh Ye-jin = It is predicted that about 50,000 households will be relocated or destroyed within the next 2 to 3 years as redevelopment and reconstruction projects in downtown Seoul progress.

On the 23rd, Ham Young-jin, head of Woori Bank's Real Estate Research Lab, analyzed the status of Seoul City's maintenance project progress and found that as of the end of June this year, there were 66 districts approved for Seoul City's maintenance project implementation, and the number of households expected to be destroyed if the project in this district proceeds was calculated to be 48,249 households.

Yongsan-gu had the largest amount of homes scheduled for destruction by autonomous district, with 8,336 households in 7 districts.

This was followed by 6,652 households in Gwanak (6 locations), 6,215 households in Yeongdeungpo (10 locations), 5,325 households in Songpa, and 5,232 households in Seodaemun.

By business district, Sillim District 1 (4,410 households), which is scheduled for management disposal, was the largest.

Bukahyeon District 3 (3,530 households), Hannam District 4 (3,423 households), Macheon District 3 (3,036 households), and Singil District 2 (2,790 households) followed.

Including this, large complexes consisting of more than 1,000 households totaled 29,849 households, accounting for 61.9% of the total number of households lost.

When all of these units are completed, it is expected that 63,072 new households will be created.

However, because there is a significant time lag between relocation, destruction, and construction completion, if a large-scale relocation demand period occurs at once, it is bound to have an impact on the jeonse and monthly rent markets in surrounding areas.

Lab Director Ham said, “It appears that there is a need for a consultation system in which the Seoul Metropolitan Government and autonomous districts coordinate the timing of relocation so that relocation of large areas within the same living area does not overlap.”