Over 50,000 Housing Units Started This Year and Early Start of 2025 Projects
Full Effort to Resolve Housing Supply Gaps
Focused Expansion of Purchase Rental Housing in the Metropolitan Area
Proactive Response to Growing Concerns Over Jeonse Crisis
Korea Land and Housing Corporation (LH) held a ‘Public Housing Supply Promotion Inspection Meeting’ at the Jinju LH headquarters on the 10th, announcing plans to commence construction of more than 50,000 public housing units within this year.
The meeting was convened to review LH’s housing supply plans and current status through 2025 in response to recent concerns over housing market supply and demand instability, and to establish a foundation for accelerating supply and promoting projects with a sense of urgency through comprehensive discussions.
LH proactively established its 2025 business plan to address the downturn in the construction industry and the gap in private sector supply. To enable swift decision-making, LH created the ‘Public Housing Supply Promotion Task Force’ led by the CEO, focusing on stable housing supply.
The meeting discussed the housing construction sector, a leading indicator directly linked to actual housing supply. This year, LH is pushing for the commencement of construction on more than 50,000 units, over four times the amount from the previous year, to support the recovery of the construction market and stabilize the housing market.
While ensuring that this year’s planned volume is carried out without disruption through focused management, LH also plans to break away from the usual year-end concentration of construction starts by initiating design and ordering for next year’s volume starting this year, significantly increasing the proportion of construction starts in the first half of the year.
Additionally, LH plans to advance preliminary processes mainly in metropolitan area project sites such as the 3rd New Towns, and simultaneously pursue permits in complex and housing sectors to secure the maximum possible volume of construction starts.
The current status and activation plans for purchased rental housing supply were also discussed. Following government policies announced in March to stabilize the jeonse (long-term lease) market, LH is focusing on expanding the supply volume of purchased rental housing such as Dundeun Jeonse.
To respond swiftly to short-term market instability in urban areas caused by the jeonse shortage, LH established a Metropolitan Area Purchase Expansion Strategy Task Force Team (TFT) centered on the metropolitan area where demand is high, and expanded dedicated organizations and personnel at regional headquarters to concentrate supply of purchased rental housing this year and next year.
LH President Lee Han-jun stated, “Proactively preventing housing supply and demand instability is a fundamental responsibility of public institutions,” and urged, “Please mobilize all available means to expand and accelerate housing supply so that the public can actually feel the effects.”
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