Government to Announce Comprehensive Jeonse Measures on the 19th... Large-Scale Short-Term Supply of Public Rental Housing

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] The government’s jeonse (long-term deposit lease) measures, centered on the large-scale short-term supply of public rental housing, will be announced on the 19th.

According to related ministries including the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport on the 17th, the government plans to hold a real estate market inspection meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on the 19th to present the jeonse measures.

The government is known to have prepared measures that include increasing the supply of rental housing and advancing the supply schedule to resolve the jeonse shortage. The main point is to increase the short-term supply of public rental housing by more than 100,000 units by the first quarter of next year at the latest.

The purchase and jeonse rental method, in which the government buys or leases currently vacant houses and then rents them out again as jeonse, is considered likely. It is also reported that the purchase agreement method, which involves signing contracts for multi-family and multi-unit houses being built by the private sector and then purchasing them after construction is completed to supply as rental housing, is included.

The government plans to focus this measure on expanding the supply of public rental housing and will not revise existing policy directions such as market stabilization measures and the three lease laws.

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