Kim Hyun-mi "Apologies for Housing Supply Difficulties... Increase from the Year After Next"

Minister of Land, Infrastructure and Transport Kim Hyun-mi is responding at the plenary meeting of the Special Committee on Budget and Accounts held at the National Assembly in Yeongdeungpo-gu, Seoul, on the 9th. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] Kim Hyun-mi, Minister of Land, Infrastructure and Transport, said on the 9th that she "feels sorry" regarding the shortage of housing supply.

Minister Kim attended the National Assembly Budget and Accounts Committee on the same day and responded to Rep. Lee Gyumin of the Democratic Party of Korea's remark that "non-regular workers need to save their salary for over 30 years to buy a 600 million won apartment," saying, "I also deeply feel the problem."

He added, "Next year will be a year with a low housing supply," and "the supply volume has been virtually fixed since the permits were issued five years ago."

He continued, "From the year after next, the supply will increase significantly, and when the supply of new towns is practically realized, much of the current difficulties will be resolved."

He also stated, "We plan to supply 1.28 million housing units on public land centered around the Seoul metropolitan area, including the 3rd new towns, and most of these houses will be sold at prices affordable to the middle-class and ordinary citizens. Regarding minimum wage workers, 2.4 million public rental housing units will be supplied by 2025."

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