Won Hee-ryong: "I will present a roadmap to supply 2.5 million houses as soon as possible"

Urgent Need for Sufficient Supply in Urban Areas... Expansion of Support for Vulnerable Groups

Minister of Land, Infrastructure and Transport nominee Won Hee-ryong is arriving at the transition team office in Tongui-dong, Jongno-gu, Seoul on the morning of the 26th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Minwoo Lee] Won Hee-ryong, the nominee for Minister of Land, Infrastructure and Transport, stated that he will present a housing supply strategy as soon as possible after taking office.

On the 30th, Won stated this in his response materials submitted to the National Assembly for the confirmation hearing. In response to a question from Park Sang-hyuk, a member of the Democratic Party of Korea, regarding "President-elect Yoon Seok-yeol's real estate pledge implementation plan," he said, "Sufficient housing supply is important," and added, "If I take office as minister, I will present a predictable and reliable housing supply roadmap as soon as possible."

Earlier, President-elect Yoon proposed "supplying 2.5 million houses during his term" as a key real estate pledge. The plan is to supply a total of 2.5 million houses nationwide, including 1.3 to 1.5 million in the metropolitan area, to calm the demand of the homeless and stabilize the real estate market.

Regarding this, Won emphasized that it is especially important to strengthen the private sector's supply function and expand support for vulnerable groups such as youth to ensure sufficient supply in highly preferred urban centers.

He said, "While actively discovering sites mainly in preferred urban locations, we will promote revitalization of maintenance projects, simplification of procedures, and measures to enhance project feasibility to stimulate private sector supply," and added, "We will pursue plans to supply exclusive housing such as youth cost-price housing and first homes near stations at affordable prices in excellent locations such as urban station areas and new towns, along with financial support such as exclusive mortgages for youth and others."