[News Today] Unsold apartments hit 13-year high

[LEAD]
Completed apartments that remain unsold due to a lack of buyers have surged to their highest level in 13 years.

The number now stands at nearly 30,000 units nationwide.

Despite the government's plan to have the state land developer purchase 3,000 of these homes, actual acquisitions so far have been less than 100.

[REPORT]
Apartments in Chuncheon, Gangwon-do Province, that were built more than a year ago.

Despite a 100-million-won discount offer made last year, many of them remain unsold.

Realtor / VOICE MODIFIED
There are unsold apartments on low and middle floors.
The demand is somewhat limited.

Across the nation, some 29,000 completed apartments remain unsold, hitting a 13-year high.

About 85 percent of them are located in provincial regions.

The number has increased by 8,000 units in just one year.

Last year, the Korea Land and Housing Corporation, or LH, decided to buy 3,000 unsold apartments.

But it actually purchased 92 units, just three percent of the target.

One reason is that LH does not purchase apartments deemed low-quality or lacking essential living infrastructure.

In many cases, construction companies withdrew their applications after LH said it would buy the homes for up to 83 percent of their appraised value.

LH has since raised the purchase price to 90 percent of the appraised value and is now proceeding with a second round of purchases covering some 2,200 units.

Yoon Soo-min / NH Bank
It is difficult to offer higher appraised prices compared to last year.
The gap between the price LH is willing to pay and market expectations may widen further.

The government plans to increase its purchases of unsold apartments to 5,000 units this year, up 2,000 from the previous plan.

The move is intended as an emergency measure to shore up the slumping construction market in provincial areas.

However, meeting the target is expected to be challenging.

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