Government Begins Housing Supply Briefings... '37% of Construction Start Goal Achieved'

[Anchor]

The government held its first briefing today (October 16), promising to transparently disclose the progress of housing supply. It plans to report to the public on a bi-weekly basis. However, data showed that housing construction starts in the Seoul metropolitan area have only reached 37% of this year's target so far.

For more, here is reporter Lee Seong-hoon.

[Reporter]

Incheon Gyeyang New Town, which is set to see the earliest move-ins among the third-generation new towns.

Construction is in its final stages ahead of the first move-ins slated for December, with a total scale of 18,000 households.

Starting with Incheon Gyeyang, the government plans to accelerate move-ins for third-generation new towns and expand short-term supply by allowing residents to move into 100,000 public housing units in the metropolitan area by the end of next year.

However, housing construction starts in the metropolitan area this year are falling significantly short of the target.

This year's goal for housing construction starts stands at 268,000 units.

As of the second week of October, construction has begun on 99,000 units, lingering at just 37% of the target.

Private redevelopment and reconstruction projects, which have a target of 72,000 units, recorded the slowest progress with a construction start rate of 23.6%.

The government projected that between 218,000 and 235,000 units could begin construction by the end of the year. Even in this case, it is expected to reach 81 to 88% of the target, falling short by up to 50,000 units.

[Kim Yi-tak / 1st Vice Minister of Land, Infrastructure and Transport: The government will closely monitor the implementation status of major projects such as public housing, newly built purchased housing, and private redevelopment projects during the remaining period, making every effort to ensure that planned volumes lead to actual construction starts as much as possible.]

In the fourth quarter of this year, tenant recruitment is scheduled for more than 10,000 public pre-sale units and 5,000 public rental units.

The government stated that it will further expand support for young adults' monthly rent and public rentals for newlywed couples, while also establishing a digital dashboard to track housing supply statuses.

It also announced plans to hold bi-weekly briefings on housing supply and disclose specific supply performance details by business site during the second briefing later this month.

(Photo: Yonhap News / Video by Cho Chang-hyun / Video Editing by Jung Yong-hwa)
※ Please note: This article was translated by AI and may contain errors.