Gov't plans 1.19 mln public sale, rental homes amid housing price pressures

Seoul, South Korea - The government has announced ambitious plans to increase the supply of public sale and rental homes to 1.19 million units by 2030, primarily in the Seoul metropolitan region. This initiative, unveiled by the Ministry of Land, Infrastructure and Transport, aims to address the rising housing prices and provide tailored support for low-income households, young individuals and newlyweds.

The government intends to release an average of approximately 240,000 homes per year, which will account for 13.6% of the current 8.71 million rental housing units in the country, as of 2024. About 77% of the planned homes will be concentrated in the Seoul metropolitan area, where housing demand is particularly intense.

The government plans to achieve this objective through a combination of approaches, including constructing new homes on public land, purchasing privately built properties and converting them into public rental housing, and leveraging existing private-sector housing. These measures aim to expand affordable housing options for those who do not currently own homes, particularly those who face challenges in entering the private housing market.