Party and Government Discuss Housing Supply Expansion Plan: "Housing Supply Exceeding Market Expectations"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea and the government held consultations to finalize and announce measures to expand housing supply.

On the morning of the 4th, the party and government held a meeting at the National Assembly to discuss plans to increase housing supply in metropolitan areas. The plan is expected to provide about 300,000 homes in Seoul and approximately 500,000 homes across major cities nationwide, totaling around 850,000 units.

Kim Tae-nyeon, the floor leader, stated in his opening remarks, “We have prepared a large-scale housing supply plan exceeding market expectations for Seoul and the metropolitan area, where housing demand is high. This measure will help stabilize the housing market by alleviating market supply and demand anxiety and realize the dream of homeownership for the homeless.”

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is delivering a greeting at the policy meeting between the Democratic Party of Korea's Regulatory Innovation Promotion Team and the Korea Chamber of Commerce and Industry held on the 28th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by the National Assembly Press Photographers Group

Kim emphasized, “The core of this plan is ensuring the stability, speed, and public nature of housing supply,” adding, “We have prepared various types of supply plans by region and timing to ensure sufficient and stable housing supply.”

As supply strategies, Kim mentioned ▲ promoting public redevelopment and reconstruction linked to the regeneration of deteriorated old downtown areas ▲ supply strategies by location type that increase residential density through deregulation of station areas and semi-industrial zones ▲ securing short-term and mid-to-long-term supply volumes.

Hong Ik-pyo, chairman of the Policy Committee, said, “Based on the principle that sufficient supply must meet housing market demand, we will not abandon firm principles on housing welfare policies,” and added, “While the market supplies sufficient volume, we will also continue housing welfare policies for vulnerable groups, low-income households, and the younger generation.”

Hong further stated, “To this end, we will establish a cooperation model among the government, local governments, public enterprises, and private construction companies to create a fast track for rapid supply as soon as possible,” adding, “We will also provide sufficient housing supply through high-density development in urban areas centered around station areas.”

Minister of Land, Infrastructure and Transport Byeon Chang-heum is attending the full meeting of the Land, Infrastructure and Transport Committee held at the National Assembly on the 3rd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

At the meeting, Byun Chang-heum, Minister of Land, Infrastructure and Transport, said, “Due to income growth and accelerated household diversification, demand for quality housing is increasing, making it urgent to prepare housing supply plans within urban areas,” emphasizing, “I believe this plan will enable the rapid supply of high-quality housing with speed, volume, and locations that exceed market expectations.”

Minister Byun added, “Along with expanding supply volume, we will improve the subscription system to greatly increase homeownership opportunities not only for newlyweds and first-time buyers but also for general 30-40-year-old homeless households,” and stated, “We will strongly protect tenants and low-income groups while fully introducing a cyclical redevelopment method to resolve relocation issues.”

He also added, “We will proactively manage potential short-term housing price instability during the development process by designating land transaction price control zones and other measures.”

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