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| Realtor Jee Kim |
As the U.S. military continues moving out and construction companies begin drawing up redevelopment plans, foreign residents of Yongsan-gu in central Seoul are likely to notice changes, but realtor Jee Kim advises against panic.
She works for World Real Estate Company providing real estate services for foreigners from around the world, mainly military personnel, corporate employees and embassy personnel.
Her office is in Hannam-dong, just uphill from Soonchunhyang University Hospital and a stone's throw from the recently demolished towers of Hannam Village, a former U.S. military housing compound. A sign over her office window offers services in Pyeongtaek where the U.S. military is relocating, as well as Godeok New Town, a redevelopment project in southeastern Seoul.
Many realtors are following the military south, but Kim, who grew up in Yongsan-gu, continues to serve the area, especially Hannam, Itaewon, Haebangchon and Gyeongnidan, where housing ranges from cheap hillside hovels and affordable walk-ups to luxurious high-rises.
"Actually because of the U.S. army moving out, the price went down for large apartments right now," she told The Korea Times. "Some of the big apartments used to get a lot of money from U.S. army personnel; now they are moving out so homes are empty. It's winter right now so landlords are eager to find new tenants."
But it's not just the U.S. military leaving, as civilian residents face gentrification, rising rent prices and mass redevelopment.
Several of her clients live in areas slated for demolition for the upcoming Hannam New Town, which will stretch from the Itaewon mosque down to the river.
"People who live inside the area mostly don't know about the process," she said. "Some people ask me how it'll proceed. They're anxious, not knowing when they'll move out. But I don't think it'll happen that quickly."
Despite recent alarmist reactions, she points out the plan has been public information for a decade.
"The majority of landlords are pushing it but some of the landlords refused," she said. "It has been delayed, delayed, delayed, so you never know when it'll happen."
The New Town project has also gone through several revisions. The current plan includes smaller 20-pyeong (66-square-meter) apartments, allowing for some economic diversity. Also, while Hannam districts 2 and 3 will be demolished, district 1 will remain. Additionally, Bogwang-ro, a lively street full of restaurants and small businesses cutting through the area, is spared.
"The area where it'll be demolished, the rental price is very low, as low as outside Seoul," she said. "For the tenants who enjoy cheaper prices, it's not good. Once they move out they'll probably have to leave Seoul."
As the affordable housing supply pressurizes, her foreign clients increasingly show interest in other parts of the city, such as Gangnam-gu to the south and Mapo-gu out west.
"A lot of foreigners used to live in the Itaewon area, but now they're scattering to other areas," she said. "In areas other than Yongsan, Mapo, Gangnam, the realtors can't speak English, so they need my help."
But a dispersed foreign community will face new challenges. For one, Yongsan is unique in not requiring huge deposits from foreign renters, who may not bring such huge fortunes to Korea with them, deposits are significantly lower. Landlords there are used to foreign tenants and housing discrimination is less of an issue there.
"If you move away from this side of the city, it's harder to settle down," said Kim, who herself lived in Toronto for 10 years, studying economics at Centennial College and then working as a mortgage agent.
"One hardship for foreign residents is lack of community. They don't know the system. They don't know the people. If they need anything, if they know the community, the people, it would be better. It's the same living in Canada or anywhere else. That's why I think a lot of foreigners live around here, because they have community."
