Won Hee-ryong, Minister of Land, Infrastructure and Transport, Announces Plan to Supply 2.5 Million Houses Within 100 Days

Won Hee-ryong, Chairman of the Presidential Transition Committee Planning Committee, Jeon Ju-hye, Co-Chairman of the Population and Future Strategy TF, and Cho Young-tae, Co-Chairman, are reporting on the activities of the Population and Future Strategy TF at the Transition Committee press conference hall in Tongui-dong, Jongno-gu, Seoul on May 1, 2022.

Focus on Supplying Housing in High-Demand Urban Areas

Early Promotion of Pre-Subscription for Youth Cost-Price Housing and First Homes Near Transit Stations for Young Adults and Homeless Households

Implementation of Redevelopment and Reconstruction Regulation Normalization as Promised

[Asia Economy Reporter Kim Min-young] On the 16th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, announced, "We will announce a housing supply plan of 2.5 million units + a within 100 days of the government’s inauguration."

At the inauguration ceremony held at the Government Complex Sejong on the same day, Minister Won stated, "This plan will include detailed quantities by region, type, and year, as well as the fastest supply methods." He emphasized that the focus will be on supplying housing in urban areas with high demand to lay the foundation for stabilizing housing prices.

He also announced the early promotion of pre-subscription for youth cost-price housing and first homes near transit stations aimed at young adults and homeless households. Minister Won elaborated, "Through bold financial support, youth-tailored LTV (Loan to Value) and DSR (Debt Service Ratio) applications, and tax benefits, even young people lacking basic assets will be able to hold hope for owning their own homes."

The minister reiterated his commitment to easing regulations on redevelopment and reconstruction. He said, "We will proceed with the normalization of regulations on redevelopment and reconstruction projects, as well as financial and tax regulations, in cooperation with related ministries as promised. To prevent market confusion, we will establish a master plan and implement it in an orderly manner." Additionally, to proactively respond to demographic changes such as the increase in single-person households, low birth rates, and aging population, he announced plans to create a future residential welfare platform that integrates housing, living, and public services.

He also revealed a plan to shift the policy paradigm from supply-centered transportation to demand-centered mobility. In line with this, the Ministry of Land, Infrastructure and Transport’s organizational structure will be redesigned from a traditional internal combustion engine focus to a future-oriented mobility-centered structure. He stated, "The English name of the Ministry of Land, Infrastructure and Transport’s transportation division should change from Ministry of Transport to Ministry of Mobility."

The ministry also declared its intention to be the source of innovation and the leading ministry in digital innovation under the new government. Minister Won said, "Starting next year, we will begin comprehensive demonstrations of Urban Air Mobility (UAM), a flying urban mobility system, and pilot operations will commence in Seoul and other areas by 2025." He emphasized that mobility is not a distant future concept but will become part of daily life within the new government’s term. In particular, he highlighted plans to focus on building the fundamental infrastructure for the mobility revolution, including smart cities, C-ITS (Cooperative Intelligent Transport Systems), and digital twin national land construction.

In closing, he said, "We have caused inconvenience and hardship to the public due to failures in real estate policy. Together with passionate public officials at the Ministry of Land, Infrastructure and Transport, we will achieve housing stability and sow the seeds of future innovation."