Government: "Next Year's Public Housing Supply Volume Set at Record High Level"

Deputy Prime Minister, Minister of Land, Infrastructure and Transport, and LH President Visit New Purchase Rental Site
Discuss Follow-up Measures to 8·8 Policy

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (left) and Minister of Land, Infrastructure and Transport Park Sang-woo (right) visited Bucheon Daejang 3rd New Town on the 20th.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced on the 20th that "next year's government budget will allocate the largest-ever supply of public housing, surpassing this year's volume." On the same day, Deputy Prime Minister Choi visited the LH newly built purchase rental housing and Bucheon Daejang 3rd New Town construction sites together with Minister of Land, Infrastructure and Transport Park Sang-woo and LH President Lee Han-jun. This visit was to review follow-up measures to the housing supply expansion plan announced on the 8th.

The newly built purchase rental housing is planned to supply a total of 110,000 units by next year, with more than 50,000 units supplied this year. In Seoul, over 20,000 units have already been applied for. Deputy Prime Minister Choi emphasized, "We will strengthen tax and financial support so that the newly built purchase rental housing can function as a 'housing ladder' for youth and newlyweds." He also urged the LH president to "establish tenants early and find ways to advance the actual move-in dates so that the effects of expanding newly built purchase rental housing can be fully felt."

LH plans to disclose tenant recruitment plans early and, in the case of conversion-type sales, advance the tenant recruitment period by up to 18 months. The government plans to propose follow-up legislation on supply measures next month and negotiate with the National Assembly.

Deputy Prime Minister Choi and Minister Park also visited the Bucheon Daejang 3rd New Town site to check the progress of the construction project. Public sales in the 3rd New Town will begin next month with 1,100 units in Gyeyang, Incheon, followed by about 8,000 units next year in Bucheon Daejang, Goyang Changneung, and Hanam Gyosan.

Regarding the 80,000 new housing sites planned for Seoul and the metropolitan area under the August 8th measures, early supply plans will be promoted by shortening administrative procedures. Additionally, a total of 138,000 public sale units are planned in the metropolitan area by 2029.

The government will also prepare measures to stabilize construction costs next month. It plans to induce price reductions for items such as cement, where price decreases due to raw material cost drops have not yet been reflected.

Deputy Prime Minister Choi stated, "We will implement the second phase of the stress Debt Service Ratio (DSR) as scheduled and promote additional soundness strengthening measures for mortgage loans, while enhancing monitoring and management of overall market liquidity."