Government to Accelerate Supply... Recruiting Tenants for 39,000 Vacant Rental Units Within the Year (Update)

Efforts to Visualize the Effects of Public Jeonse and Purchase Agreement Supply
Intensive Crackdown on Illegal Activities Such as Illegal Trading of Subscription Savings Accounts and Sale Rights Starting from the 7th

[Asia Economy Reporter Jang Sehee] The government plans to promptly recruit tenants for 39,000 vacant public rental units by December.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a meeting with related ministers to review the real estate market at the Government Seoul Office on the 2nd and stated, "It is more important than anything else to quickly supply the volume of measures already announced to stabilize the jeonse market." He announced that 16,000 units will be supplied in Seoul and 5,000 units in the metropolitan area.

Deputy Prime Minister Hong explained, "Vacant units will be converted into jeonse-type with an 80% deposit ratio, and tenants will be recruited under existing conditions until the end of the year. After that, the remaining vacant units will be collectively recruited by the end of the year as preparations are completed." He added, "As announced in the housing stability plan for low-income and middle-class households, income and asset requirements will not be applied."

Deputy Prime Minister Hong emphasized, "We will also strive to ensure that the supply effects of 3,000 public jeonse units and 7,000 newly built purchase agreements as of the first half of next year become visible early."

He said, "We will hold a business briefing session by mid-December, proceed with the announcement of purchase agreements within the year, and recruit tenants early before completion as soon as agreements are signed."

Deputy Prime Minister Hong stated, "In particular, detailed explanatory materials including target tenants and requirements for public jeonse-type housing will be distributed today."

He also emphasized, "Including this year's recruitment volume for vacant rental tenants, if a total of 114,000 jeonse-type public rental units are steadily supplied over the next two years, the supply volume for the next two years, which was lower than the average before the measures, will exceed the average level, helping to alleviate anxiety."

Meanwhile, the National Police Agency will conduct intensive crackdowns on illegal activities such as subscription savings account trading, fraudulent subscriptions, and illegal resale of pre-sale rights, focusing on nine local police agencies in regulated areas starting from the 7th.