Byeon Chang-heum, LH President: "Seoul Housing Market Unstable... Will Accelerate Supply of 300,000 Homes in the Capital Area"

Urgent Finalization of Metropolitan Measures for the 3rd Announcement District
Leading Efforts to Stabilize the Real Estate Market
Creating a Child-Friendly Environment in the 3rd New Town

Byeon Chang-heum LH President

[Asia Economy Reporter Moon Jiwon] Byun Changhoom, President of Korea Land and Housing Corporation (LH), emphasized on the 2nd, "We will strive to advance the supply of 300,000 housing units in the metropolitan area ahead of the original plan."

President Byun said at the New Year's ceremony held at the LH headquarters in Jinju, "The housing market in Seoul is unstable due to concerns over supply shortages."

He stated, "This year, the corporation's project budget has increased by 38% from last year to 24.9 trillion won, playing a pivotal role in public sector investment," and added, "To maximize the vitality of our economy, it is important to promptly execute the planned project budget."

He further explained, "We must accelerate the implementation of the metropolitan transportation measures for the first and second phases of new metropolitan housing sites without delay, and also quickly finalize the metropolitan measures for the third announced sites."

President Byun said, "We need to devote great effort to managing land and housing costs, including the land cost which has increased 2.5 times compared to the previous year, and establish a virtuous cycle of investment and recovery through effective sales strategies for unsold assets."

He also emphasized the importance of accurate information delivery to the public. He said, "We must take the lead in resolving real estate market instability by analyzing and presenting data that shows new housing can be supplied stably."

Additionally, he said, "Young people are unable to fully realize their dreams due to employment difficulties, housing problems, and costs related to marriage and childcare," and added, "We must actively provide warm housing and new jobs to youth by combining public rental housing and startup support spaces, and take the lead in building future growth engines."

Regarding the 3rd phase new towns, he explained, "While working to create a child-friendly environment such as expanding national and public kindergartens, we must also newly consider housing models that can accommodate life after the childcare period in addition to the newlywed hope towns."

President Byun added, "The polarization phenomenon, which has deepened over a long time across various areas such as income, assets, and regions, is an obstacle threatening our society's integration and sustainable development," and said, "We must realize consideration and inclusion for socially vulnerable groups across all business sectors."

This content was produced with the assistance of AI translation services.