District signs MOU with Korea Licensed Real Estate Agents Association's Nowon-gu chapter in public-private push to ease housing costs
About 3,200 residents of Wolgye Dongsin Apartment and Sanggye District 1 are first in line, with expansion to eight more project zones planned
Seoul's Nowon-gu will offer residents displaced by redevelopment and reconstruction projects a discount of up to 20 percent on statutory real estate brokerage fees, as the district moves to ease the financial burden of relocation and help residents resettle.
The district signed an MOU with the Nowon-gu chapter of the Korea Licensed Real Estate Agents Association on Tuesday at the district mayor's office, covering the reduction of brokerage commissions for residents relocating from urban renewal zones.
The agreement is designed to lower housing costs for residents who must move as a result of redevelopment and reconstruction, and to provide practical assistance throughout the relocation process through cooperation with local licensed real estate agents.
Under the MOU, residents within designated urban renewal zones who sign real estate contracts through participating licensed agencies will receive up to a 20 percent discount on the statutory brokerage fee.
The discount applies to both homeowners and tenants within the zones, and covers sale and lease contracts for the new residence. Residents who relocate outside Nowon-gu are also eligible, provided they use a participating agency.
The program will initially cover residents of the Wolgye Dongsin Apartment reconstruction project and the Sanggye District 1 housing redevelopment zone. About 3,200 union members and tenants from these two zones are set to begin relocating in the second half of this year.
The district plans to extend the support to other renewal zones awaiting management and disposal plan approval or project implementation approval. An estimated 10,000 additional union members and tenants across eight project zones are expected to benefit as their relocation timelines arrive.
The district began reviewing the brokerage fee reduction scheme in August in anticipation of rising relocation demand as redevelopment and reconstruction projects accelerate. In September, it held a meeting with the Nowon-gu chapter of the Korea Licensed Real Estate Agents Association to discuss specific cooperation measures. Nineteen local agencies are currently participating, and the district plans to expand that number so more residents can take advantage of the benefit.
Residents wishing to receive the discount should bring relocation verification documents issued by the relevant urban renewal association and sign their contract at a participating agency.
Since the launch of its ninth elected-term administration, Nowon-gu has been strengthening administrative support to accelerate reconstruction and redevelopment projects. With reconstruction promotion committees recently approved for five complexes and project momentum building, the district is also working to streamline regulations and shorten administrative procedures, while preparing a "Nowon-style safe relocation and resettlement model" to support displaced residents' housing stability and reintegration.
"I am grateful to the Nowon-gu chapter of the Korea Licensed Real Estate Agents Association for their cooperation in helping ease the burden on relocating residents," Nowon-gu District Mayor Seo Jun-o said. "We will push ahead swiftly with redevelopment and reconstruction projects while providing careful support to reduce the financial strain residents face during relocation and help them resettle with stability."
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