LH to Supply 24,000 Units for Sale and 64,000 Rental Units This Year

Korea Land and Housing Corporation (LH) announced on the 6th that it plans to supply 88,000 units of sale and rental housing this year.

The sale housing includes a total of 24,000 units across 41 complexes, including the 3rd New Towns. This consists of about 7,000 units of Newlywed Hope Town, 7,100 units of public sale housing, and 9,600 units of New Home. The target for sale housing this year has been increased more than fourfold compared to last year. By region, about 18,000 units, or 77%, are in the metropolitan area, with approximately 8,000 units in 14 complexes within the 3rd New Towns.

Newlywed Hope Town will supply about 1,700 units in Goyang Changneung and Bucheon Daejang in the first half of the year, and about 5,300 units in Guri Galmae, Gunpo Daeyami, Gwacheon Juam, and other areas in the second half. New Home will supply approximately 8,200 general units, 336 discounted units priced below market value, and about 1,018 selective units where residents can choose whether to purchase after six years of residence.

Korea Land and Housing Corporation (LH) Seoul Regional Headquarters, Gangnam-gu, Seoul. Photo by Yonhap News

The rental housing supply target is about 64,000 units. This includes 6,600 units of construction rental, 22,000 units of purchase rental, and 36,000 units of jeonse rental. Among the purchase rental units, 4,200 units will be supplied to young people such as university students, 5,600 units to newlyweds and multi-child families, and 7,000 units to low-income households. Additionally, 2,000 purchase rental units that can be converted to sale after six years based on tenant choice will be newly supplied.

The jeonse rental units have increased by 4,000 units compared to last year. This year, a new type will be introduced allowing middle-income households without homes to live in non-apartment housing for up to eight years regardless of income or assets. The goal is to supply about 2,800 units. The supply plan may change depending on the progress of construction work and housing demand.

LH President Lee Han-jun said, "We are making every effort to provide sufficient and prompt housing supply to alleviate concerns about rising housing costs and housing instability caused by the contraction of private housing supply and prolonged high inflation," adding, "We will continue housing supply without disruption to stabilize housing for low-income households and help them own their homes."