Jeju Governor Won Hee-ryong: "We Must Consider Residents' Housing Stability Including Public Rental Housing"

Discussion on Jeju-style Housing Welfare Policy Directions at the Housing Welfare Policy Advisory Committee

[Asia Economy Honam Reporting Headquarters Reporter Park Chang-won] Jeju Special Self-Governing Province announced that it held a policy advisory committee meeting on residential welfare on the afternoon of the 6th and focused on discussing the direction of residential welfare policies.

The meeting, chaired by Governor Won Hee-ryong, discussed public rental housing supply plans, the progress of residential support projects, and the necessity of discovering Jeju-style residential welfare policies.

About 20 people attended the meeting, including Professor Jeong Su-yeon of Jeju National University, who was elected as the advisory committee chair, Jeon Dong-heun, advisor of the law firm Yulchon, Kim Deok-rye, research fellow at the Korea Housing Industry Research Institute, Jin Mi-yoon of LH Land and Housing Research Institute, Kim Byung-guk, team leader at Korea Housing Finance Corporation, Song Jong-cheol, representative of the Residential Welfare Forum, Kim Ji-yeon, head of the Jeju branch of the Korea Association of Property Appraisers, Kim Yi-hwan, Hamill Property Appraiser, Ko Yoon-kwon, director of the Provincial Urban Construction Bureau, and Yang Chang-hwon, head of the Provincial Architecture and Cadastral Division.

Governor Won Hee-ryong diagnosed, “Jeju has been suffering from the aftereffects of a real estate price surge over the past five years,” adding, “We face the task of responding with policies to stabilize real estate prices, address residents’ concerns about home ownership, supply public rental housing according to demand, and meet the expectations of the younger generation for asset formation.”

He continued, “Within the context of Korean-specific and Jeju regional characteristics, I hope the advisory committee will provide wisdom and valuable opinions on the correct administrative perspectives, approaches, and practical projects for housing supply based on actual cases of demanders.”

According to Statistics Korea data, the number of households without homes in Jeju is 107,969, accounting for 44.9% of all households. The older the age group, the more they agree on the necessity of public rental housing supply, while those under 39 urgently need support for jeonse (key money deposit) loans and monthly rent.

Accordingly, Jeju Province is implementing various projects such as rental deposit support by region, generation, and class, along with expanding public housing supply.

In particular, as a pledge of the 7th local government administration, the province plans to supply 10,000 public housing units by 2022 (5,000 Happy Housing units, 4,000 National Rental units, and 1,000 permanent and purchased rental housing units), and is currently promoting the construction of 5,523 households.

To reduce the housing cost burden caused by rising housing and monthly rent prices, Jeju is the only region nationwide implementing a public rental housing lease deposit support project that provides about 50% of the standard lease deposit to tenants of National Rental and Happy Housing.

Together with the housing benefit support project, which comprehensively considers income, residence type, and housing cost burden level to support housing costs for low-income groups, the province also supports newlywed couples without homes within seven years of marriage or childbirth and families with children by providing 1.5% of the housing jeonse loan interest rate (up to 900,000 won) based on loan balance.

Additionally, Jeju strengthens support for residential welfare through projects such as housing monthly rent loan interest support, which compensates 3.5% interest (0.5% borne by residents) for up to four years, rural housing improvement projects, apartment management cost support projects, and rural disabled housing remodeling projects.

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