1.19 Million Public Housing Units to Be Supplied... Key Is 'Meeting Demand'

[Anchor]

The government has decided to supply 1.19 million public housing units by 2030. Among them, 920,000 units will be intensively allocated to the Seoul metropolitan area in a bid to lower housing cost burdens and stabilize the key-money and monthly rent markets. Ultimately, the crucial factor will be whether housing can be supplied in locations desired by the public, with appropriate quality and rent.

Here is a report by Reporter Lee Seong-hoon.

[Reporter]

Groundwork is currently underway at the Goyang Changneung public housing district in Gyeonggi Province.

Here, 1,594 universal public rental housing units will be built.

The newly introduced universal public rental housing includes larger sizes, such as an exclusive area of 84 square meters, and enhances quality in structure and finishing materials.

Eligibility criteria will also be relaxed so that various demand groups, including the middle class as well as vulnerable groups, can reside there.

The government's goal is to supply 190,000 such universal public rental units to preferred locations such as urban centers and areas near subway stations by 2030.

[Kim Yi-tak / 1st Vice Minister of Land, Infrastructure and Transport: We will innovate housing quality and residential services to match consumers' expectations, and transition to a local-centered customized support system that takes into account life cycles and regional conditions.]

Over the next five years, the government plans to supply 1.19 million public housing units, including universal public rentals, public rentals, and sales, with 920,000 of them allocated to the metropolitan area.

The volume available for move-in from the fourth quarter of this year through the end of next year totals 150,000 units, including 100,000 units in the metropolitan area.

The government plans to overhaul eligibility criteria to suit the conditions of vulnerable housing groups, youths, and the elderly, and make it easier to use by integrating recruitment notices previously handled by individual operators.

The key is supply that matches demand.

LH plans to purchase 8,000 unsold provincial apartment units by next year, but the secured volume is only around 2,300 units, reaching about 30 percent of the target.

In addition, among LH's purchased rental housing units, more than 8,000 units have been vacant for six months or longer.

[Kim Jin-yu / Professor, Department of Urban and Transportation Engineering, Kyonggi University: Rather than being too obsessed with volume, I think it is necessary to focus a bit more on whether the rent of the supplied public housing is affordable and whether the location is preferred by people.]

How effectively housing equipped with the locations, sizes, and rent desired by consumers is supplied is expected to be the core of achieving housing stability through public housing.

(Video Editing: Lee Sang-min, VJ: Jeonghan)
※ Please note: This article was translated by AI and may contain errors.