LH to Supply 10,000 Housing Units in Second Half of This Year, "Over 60% in the Seoul Metropolitan Area"

Supply of 10,170 Public Housing Units, Newlywed Hope Towns, and 10-Year Public Rentals in 19 Complexes Nationwide
Over 60% Allocated to the Seoul Metropolitan Area to Support Homeownership and Housing Stability for Newlyweds and Homeless Households

Dongtan 2 LH Complex 28 Apartment / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 15th that, separate from the pre-sale scheduled for this year, it will supply 10,170 housing units for sale in 19 complexes nationwide in the second half of the year to support housing preparation and residential stability for various demand groups such as newlyweds, youth, and general actual demanders. This is nearly double the supply volume of 5,935 units in the first half of this year.

By type, there are 6,113 units of general public sale, 3,345 units of Newlywed Hope Town, and 712 units of 10-year rental (sale conversion). By region, more than 60% of the total volume, 6,156 units, will be supplied in the metropolitan area including Seoul, Gyeonggi, and Incheon where housing demand is high, and 4,014 units will be sequentially supplied in metropolitan cities and other regions.

Among the 10,170 housing units for sale, 6,825 units will be supplied as ‘public sale’ and ‘10-year public rental housing’ for general non-homeowners, and the remaining 3,345 units will be supplied as ‘Newlywed Hope Town’ for residential stability of newlyweds.

‘Public sale housing’ is characterized by supplying housing at prices lower than market prices due to the application of the price ceiling system, and offering housing within public development project districts equipped with excellent transportation and convenience facilities. For general supply, priority subscription eligibility is given to members of non-homeowner households who have subscribed to the tenant savings account for a certain period (which varies depending on whether the area is metropolitan or regulated), and in case of competition, residents are selected in order of the highest total savings amount (up to 100,000 KRW per month recognized) among non-homeowner household members with more than three years of non-homeownership. Additionally, if the exclusive area is 60㎡ or less, separate income and asset criteria must be met.

In addition, special public sale supplies for △ newlyweds △ first-time homebuyers △ multi-child families △ elderly parent support, etc., can be applied for if the applicant meets the specified eligibility and income/asset criteria for each type, and in case of competition, residents are selected in order of the highest score based on a separate scoring table.

‘Newlywed Hope Town’ provides housing with a high-quality residential environment such as childcare and education at prices lower than market prices to improve the housing quality of newlywed couples starting a new life. It also offers the advantage of supporting housing purchase funds for up to 30 years at a fixed interest rate in the 1% range through exclusive financial products (mortgages). Newlyweds or prospective newlyweds within seven years of marriage or with children under six years old, and single-parent families with children under six years old who meet the non-homeowner household member requirements and income/asset criteria can apply. Residents are selected in order of the highest score based on a scoring table composed of factors such as residence period in the relevant area and the number of payments into the subscription savings account (priority and remaining supply differ).

‘10-year public rental’ provides stable housing and opportunities for asset formation for future home purchases through rental conditions (deposit, rent) cheaper than market prices during the 10-year mandatory rental period. Furthermore, after the mandatory rental period, tenants at the time of sale have priority to purchase, enabling home ownership without initial financial burden. Subscription eligibility for both general and special supply is the same as that for ‘public sale housing,’ and it should be noted that subscription savings accounts are used since it is rental housing intended for sale.

Detailed information on supply target project districts, volume, subscription schedules, and other subscription-related matters can be found in the announcements posted on the LH subscription center or confirmed through the LH call center. In particular, subscription eligibility varies depending on various conditions such as △ housing type △ supply type (general, priority, special) △ supply region (metropolitan, non-metropolitan) △ regulation area status (such as speculative overheating districts), so it is essential to check the detailed subscription conditions of the desired complex in advance through the announcement.

An LH official stated, "LH will continue to supply housing for non-homeowner actual demanders according to government housing policies, including supplying more than 10,000 housing units for sale in the second half of this year, pre-sale for the 3rd new town, and housing supply in urban areas through the 2.4 measures."