7th Real Estate Inspection Task Force Meeting Held... Strengthening Public-Private Cooperation for Housing Supply

Discussion on Promoting the 8.8 Housing Supply Expansion Plan

The government is strengthening the public-private cooperation system to boost momentum for the implementation of the 8.8 Housing Supply Expansion Plan.

Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, attending the '7th Real Estate Market and Supply Situation Inspection Task Force (TF)' / Photo by Ministry of Economy and Finance

On the 5th, the government held the '7th Real Estate Market and Supply Situation Inspection Task Force (TF)' co-chaired by Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, and Jin Hyun-hwan, First Vice Minister of the Ministry of Land, Infrastructure and Transport.

The meeting, attended by the Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, and the Financial Supervisory Service, was held to review the private sector's implementation plans related to the 'Housing Supply Expansion Plan for National Housing Stability' announced on the 8th of last month and to collect suggestions. It also aimed to strengthen the public-private cooperation system for expanding housing supply.

At the meeting, industry representatives related to housing supply requested prompt follow-up legislation to support the 8.8 Housing Supply Expansion Plan. They also expressed their commitment to actively participate from the private sector to ensure that the follow-up measures of the plan function effectively on the ground.

The government will actively promote measures to accelerate redevelopment projects and reduce burdens. It has stipulated special provisions to process major procedures for reconstruction and redevelopment simultaneously, and for a three-year period, it plans to enhance project feasibility by allowing floor area ratios in areas such as station zones to be relaxed beyond the legal limits.

The housing supply schedule presented in the 8.8 Housing Supply Expansion Plan is proceeding normally, including the public sale in the Incheon Gyeyang district, the first among the 3rd phase new towns, implemented this month. Incheon Gyeyang district plans to sell 1,106 public housing units with a move-in target of 2026. The former Subangsa site in Dongjak-gu will hold a public sale at the end of this month, aiming for occupancy in 2028.

Additionally, public housing supply in Seoul, which is highly preferred, will proceed without disruption through the designation of the Seoul Namhyeon Public Housing District and the Shingil 15 District Urban Public Housing Complex District. The Seoul Namhyeon Public Housing District will be designated to reconstruct old military housing in the city center, supplying 400 public housing units and new military housing, while Shingil 15 District will be designated as an urban public housing complex district to supply approximately 2,300 public housing units.

For real estate project financing (PF) projects operating normally, liquidity supply such as expanding PF guarantees will be implemented without delay. Based on the results of the first project feasibility evaluation, PF projects lacking feasibility will undergo restructuring or liquidation.