"Housing Supply" Briefing Begins... "37% of Construction Start Target Achieved"

[Anchor]

The government held its first briefing today, vowing to make the progress of housing supply transparent. It plans to report to the public every two weeks going on. However, housing construction starts in the Seoul metropolitan area have reached only about 37 percent of this year's target so far.

For more, here is reporter Lee Seong-hoon.

[Reporter]

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

Comprising a total of 18,000 households, final-stage construction is in full swing ahead of the first move-ins scheduled for this coming December.

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

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

This year's target for housing construction starts is 268,000 units.

As of the second week of October, 99,000 units have broken ground, lingering at just 37 percent of the target.

Construction starts in the private redevelopment and reconstruction sector, which has a target of 72,000 units, were the slowest at 23.6 percent.

The government projected that starting construction on 218,000 to 235,000 units will be possible by the end of the year. Even in this case, it is expected to reach 81 to 88 percent of the target, falling short by up to about 50,000 units.

[Kim Yi-tak / 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, and make all-out efforts to ensure that the planned volumes lead to actual construction starts as much as possible.]

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

The government stated that it will expand support for young adults' monthly rent and public rentals for newlyweds going forward, and also establish a digital dashboard to track housing supply statuses.

It also plans to brief the public on housing supply every two weeks, with the second briefing scheduled for later this month to disclose specific supply performance by project site.

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