[9·26 Supply Measures] Total 120,000 Public Housing Units to be Supplied... Introduction of Fast-Track Method

Expansion of PF Loan Guarantees, Relaxation of Public Land Resale Restrictions
Flood of Supply-Centered Real Estate Policies
Existing Plan of 65,000 Houses Expanded by Additional 55,000 Houses

The government will actively promote measures to revitalize housing market supply, including securing an additional 120,000 public housing units and introducing a fast-track method to advance the supply schedule. It also plans to implement various support measures such as extending project financing (PF) maturities and providing guarantee support to improve conditions for private housing projects.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Minister of Land, Infrastructure and Transport Won Hee-ryong, and Financial Services Commission Chairman Kim Ju-hyun are announcing the 'Housing Supply Activation Plan' on the 26th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

On the 26th at 2 p.m., the government held the 6th Real Estate Related Ministers' Meeting at the Government Seoul Office and announced the "Housing Supply Activation Plan for National Housing Stability," which includes these measures.

Although the government had established a supply plan for 2.7 million units and promoted rationalization of supply regulations, supply conditions deteriorated from the second half of last year, leading to a contraction in private housing supply (permits and construction starts), prompting these actions.

The government plans to actively supplement private supply with public supply to promptly normalize the stagnant housing supply and improve conditions for private housing projects.

First, the public sector will secure an additional supply of about 120,000 units through new towns in the metropolitan area (30,000 units), new housing sites (85,000 units), and converting private supply to public (5,000 units), and lead supply normalization by fast-tracking these projects.

Additionally, various support measures will be introduced to improve conditions for private housing projects so that the backlog of pending permits and construction starts can resume quickly. For ongoing projects, sufficient public guarantees will be provided to facilitate smooth financing, and financial supply from policy and private financial institutions will be expanded.

To strengthen the housing ladder role, construction funds for non-apartment housing will be supported (through fund support and new guarantee products), and the criteria for considering applicants as non-homeowners in subscription will be relaxed.

Furthermore, to ensure that urban supply proceeds quickly and without interruption, disputes over construction costs in redevelopment projects will be prevented and resolved early, and procedural improvements will be implemented to accelerate progress.

Through these measures, the government aims to achieve this year’s target of 470,000 permits to the fullest extent, supply over 1 million units by next year, and expand capacity to exceed the current administration’s goal (2.7 million units + α).