Comprehensive Review of Housing Supply Measures Implementation Including LH and the 2.4 Plan

Ensuring Smooth Supply Measures, Sharing Recognition as the First Step to Restoring Public Trust
February 4 Measures, Visualizing Policy Outcomes through Selection and Management of Key Promotion Districts
Checking Progress of Supply Measures Including 300,000 Housing Units in the Capital Region and August 4 Measures

Kim Hyun-jun, President of LH, is checking the progress of the housing supply plan on the 25th. / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced that it held a ‘Comprehensive Review Meeting on Housing Supply Measures’ on the 25th at the LH Gyeonggi Regional Headquarters to assess the progress of housing supply measures announced since the inauguration of the current government, from the Housing Welfare Roadmap to the 2.4 Measures.

At this meeting, the progress and current issues of government housing policies were thoroughly reviewed by project area, including the Housing Welfare Roadmap, the supply plan of 300,000 housing units in the metropolitan area such as the 3rd New Towns, the 5.6/8.4/2.4 Measures to expand housing supply in urban areas, and the 11.19 Measures to stabilize the jeonse (lease) market.

First, LH checked the implementation status of the currently prioritized ‘2.4 Measures’ and shared plans to visualize policy outcomes and project goals at the corporate level. In particular, they focused on reviewing the revision of subordinate laws and institutional improvements related to the 2.4 Measures, which passed the National Assembly standing committee on the 18th, as well as the selection and promotion plans for priority candidate districts among leading project sites.

LH plans to select project areas with high resident consent rates and strong willingness from residents and local governments among leading candidate sites for urban public housing complex projects as ‘LH Priority Promotion Candidate Sites’ and to accelerate project implementation so that it can lead to housing supply policy achievements by the end of the year. Especially for urban public housing complex projects, LH intends to select priority candidate sites centered on areas with high resident consent rates and favorable project conditions, propose district designation (scheduled for September), and aim for district designation by the end of the year.

The supply project of 300,000 housing units in the metropolitan area, including the 3rd New Towns, which attracts strong interest from actual demanders, is currently at the stage of district planning and compensation commencement, and housing supply is expected to be in full swing from 2024 if project progress goes smoothly. However, for urban projects such as Taereung CC, LH explained that it plans to actively work on resolving pending issues such as reaching agreements on development directions with local residents and local governments.

At the meeting, LH President Kim Hyun-joon said, "With the revision bill related to the 2.4 Measures passing the National Assembly standing committee and tax support measures being announced, institutional conditions are now in place, so it is time to unite all efforts to realize the 2.4 housing supply policy." He emphasized, "In the current uncertain real estate market, especially in the metropolitan area with rising housing prices, LH, which plays a key role in expanding housing supply, must flawlessly implement the government’s supply measures. This is the best way to strengthen our fundamental role and restore public trust."