Youth Housing Supply in Gimhae ... Gyeongnam-style 'Geobuk-i House No. 2'

On the 23rd, Gyeongnam Province signed a business agreement to promote a youth housing project with private sector participation. (Photo by Gyeongsangnam-do)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Gyeongnam Province, which is promoting the 'Youth Special Province' policy to bring young people back this year, will supply 'Geobuk-i House No. 2,' a Gyeongnam-style shared housing for youth, in Gimhae.

On the 23rd, Gyeongnam Province, Gimhae City, Junghung Construction, and Gyeongnam Development Corporation signed a cooperation agreement at the provincial government’s Economic Vice Governor’s Office to promote a private-participation youth housing project to build Geobuk-i House No. 2.

The agreement aims to supply youth housing with low housing costs and good living environments in Gimhae, where there is high demand for housing among young people.

The project supports remodeling of privately owned old houses, and landlords rent the houses to youth such as university students, job seekers, and early-career workers at half the surrounding market price for six years.

To this end, the province and Gimhae City each provide 50 million KRW for the youth housing project, handling project planning and site discovery.

Junghung Construction supports the youth housing project with 100 million KRW, and Gyeongnam Development Corporation carries out remodeling and tenant recruitment.

Park Jong-won, Economic Vice Governor, said, "We expect that not only public institutions but also private companies participating in this project will facilitate smoother supply of youth housing," adding, "We will strive to expand customized residential welfare and create jobs that young people want for a youth special province where young people stay, return, and visit."

Earlier, in April, Gyeongnam Province introduced 'Geobuk-i House No. 1,' remodeled from the Gyeongnam Development Corporation handball team dormitory in Banji-dong, Seongsan-gu, Changwon City.

Currently, seven young people live in Geobuk-i House No. 1 with a deposit of 1 million KRW and monthly rent of 50,000 to 130,000 KRW, which is less than half the surrounding market price.

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