"Housing Supply" Briefing Begins... "Achieved 37% of This Year's Construction Start Target"

[Anchor]

The government has announced plans to boost the volume of housing construction starts in the Seoul metropolitan area—which currently stands at a meager 37 percent of this year's target—to the 80 percent range during the remaining period. It also plans to make housing supply updates public once every two weeks.

Reporter Lee Seong-hoon has the details.

[Reporter]

Incheon Gyeyang New Town is set to be the first among the third-generation new towns to begin move-ins.

Comprising a total of 18,000 households, final-phase construction is in full swing ahead of the initial move-ins scheduled for December.

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 capital area by the end of next year.

However, housing construction starts in the metropolitan area this year have fallen well short of expectations.

The construction start target for this year is 268,000 households.

As of the second week of October, 99,000 households have broken ground, reaching only 37 percent of the goal.

Construction starts for private redevelopment and reconstruction projects—which target 72,000 households—were the slowest at 23.6 percent.

The government projects that breaking ground on 218,000 to 235,000 households 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 households.

[Kim Yi-tak / First 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 possible effort to ensure that planned volumes translate into actual construction starts to the maximum extent.]

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

The government stated that it will further expand support for young adults' monthly rent and public rental housing for newlyweds, while also setting up a digital dashboard to track housing supply statuses.

Furthermore, it plans to brief the public on housing supply conditions on a bi-weekly basis and reveal specific supply performances for each project site during the second briefing at the end of 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.