The Korea Housing & Urban Guarantee Corporation (HUG) announced today (Oct. 7) that it has designated five areas—Yeongjong District in Incheon, Osan in Gyeonggi Province, Gangseo District in Busan, Cheonan in South Chungcheong Province, and Gyeongsan in North Gyeongsang Province—as undersold housing management zones for October.

Undersold housing management zones are selected among cities, counties, and districts with 1,000 or more unsold housing units and an unsold-to-total-housing-stock ratio of 2% or higher, which meet any of the following criteria: "increase in unsold units," "slow absorption of unsold units," or "concern over unsold units."

In these designated regions, developers must undergo a preliminary review to receive housing distribution guarantees.

Gangneung in Gangwon Province was lifted from the management zone designation, while Osan and Gyeongsan were newly designated.

As of August, unsold housing units across the five management zones stood at 11,235, accounting for 16.2% of the nationwide total.

(Photo: Yonhap News)