Democratic Party to Supply Additional 10,000 Homes for Youth and Newlyweds... 'Nugunajib' Pilot Project

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, and Kim Jin-pyo, the chairman of the Real Estate Special Committee, are attending and conversing at the policy members' meeting on real estate held at the National Assembly on the 27th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea has decided to additionally supply 10,000 housing units each for youth and newlyweds, as well as long-term rental housing where residents pay only a portion of the house price.

The Democratic Party's Special Committee on Real Estate announced this supply plan immediately after the policy members' meeting on the 27th. This is an additional supply measure while steadily advancing the plan to supply 2.05 million housing units through the construction of the 3rd new towns.

They decided to supply 10,000 housing units for youth and newlyweds on complex development sites proposed by local governments and sites of relocated public institutions, and to promote a pilot project of 'Nuguna Jip' (Anyone's House) using local government-owned sites. This has been promoted since Song Young-gil, the Democratic Party leader, was mayor of Incheon. It is a method where newlyweds and first-time homebuyers can live in long-term rental housing for 10 years by paying 6-20% of the house price. The initial move-in price is used for sale, and capital gains can be shared with the project operator.

In terms of utilizing existing public land, they plan to expand housing supply by increasing the floor area ratio for self-sufficient facility sites within the 3rd new towns and through complex development. They will activate remodeling projects in the 1st new towns such as Bundang and Ilsan, and actively discover large-scale mid- to long-term land supply projects through the party-government task force (TF) for urban military airport relocation, reservoirs that have lost agricultural water supply functions, reserve forces training grounds, correctional facilities, etc., which have been mentioned as candidate sites for land development.

The TF is organized under the Democratic Party's Policy Committee, with participation from related standing committees such as the Planning and Finance Committee, the Land, Infrastructure and Transport Committee, and the Public Administration and Security Committee. On the government side, related ministries including the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport participate under the Prime Minister's Office, holding regular joint meetings.

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