LH to Supply Over 20,000 Public Leased Homes Across 25 Seoul Districts Over Next 3 Years

Korea Land and Housing Corporation (LH) announced plans to supply more than 20,000 public leased housing units across all 25 districts of Seoul over the next three years.

LH announced on October 11 that it plans to recruit tenants for a total of 20,528 public leased housing units across Seoul.

By category, the supply consists of 14,558 units (70.9%) for young adults, 3,398 units (16.6%) for newlywed couples, and 2,572 units (12.5%) for others.

The supply volume by district includes 1,920 units in Dongdaemun-gu, 1,900 units in Guro-gu, 1,861 units in Gangdong-gu, and 1,638 units in Gangseo-gu.

Public leased housing refers to public housing supplied by LH at prices lower than market rates to young adults and newlyweds by purchasing newly built private housing upon completion or by acquiring existing homes.

As residents can move in within one to two years after construction begins, it is being utilized as a short-term housing supply tool within urban areas.

Currently, LH manages 207,000 public leased housing units nationwide, including 113,000 units in the metropolitan area and 34,000 units in Seoul.

LH explained that following institutional improvements implemented in July, such as strengthening initial project cost support for private developers, the volume of applications for new purchase agreements in the capital area increased by 63%.

LH plans to break ground on over 40,000 units in the metropolitan area and 10,000 units in Seoul among this year's contracted volume within the year, with move-ins scheduled to begin by the end of next year.

Lee Seong-hoon, President of LH, said, "In accordance with the government's housing stability plan, we will intensively supply public leased housing in the metropolitan area and Seoul by 2030 in a short period so that real demand groups, such as young adults and newlyweds, can genuinely feel the benefits."
※ Please note: This article was translated by AI and may contain errors.