Government Plans 1.19 Million Public Sale, Rental Homes
South Korea's government aims to provide 1.19 million homes to stabilize housing prices.
South Korea's government aims to provide 1.19 million homes to stabilize housing prices.
In response to rising housing prices, the South Korean government has announced plans to supply 1.19 million public sale and rental homes by 2030. This initiative is part of a broader strategy to stabilize the housing market, particularly in the Seoul metropolitan area, where demand is exceptionally high.
The Ministry of Land, Infrastructure and Transport revealed that the plan will focus on supporting low-income households, young people, and newlyweds. The government intends to deliver an average of approximately 240,000 homes annually, with about 77% of these units located in the Seoul area.
This supply represents around 13.6% of the total rental housing units in South Korea as of 2024. The homes will be made available through various methods, including new constructions on public land and the conversion of privately built homes into public rental properties.
Officials emphasized that these measures aim to enhance affordable housing options for those struggling to enter the private housing market, thereby addressing the ongoing housing crisis in the region.
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