Democratic Party to Supply About 16,000 Households in Capital Region Including Hwaseong and Paju

Announcement of Real Estate Special Committee Measures by the Democratic Party

Kim Jin-pyo, Chairman of the Real Estate Special Committee of the Democratic Party of Korea, is announcing additional supply measures to stabilize the housing market at the National Assembly Communication Hall on the 10th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea is pushing forward a plan to supply approximately 16,000 housing units in the Seoul metropolitan area for the homeless, youth, and newlyweds.

According to the supply measures announced on the 10th by the Democratic Party's Special Committee on Real Estate (Chairman Kim Jinpyo), pilot project sites for the "Anyone Can Have a Home" program have been secured in six residential land areas including Incheon, Ansan, Hwaseong, Uiwang, Paju, and Siheung, with about 10,785 units scheduled for sale starting early 2022. The "Anyone Can Have a Home" program allows homeless individuals, youth, and newlyweds who have a stable income but lack a lump sum to purchase a home immediately to reside for 10 years by paying 6-16% of the home price and then purchase the home at the initial move-in price.

The special committee also decided to convert one-third of reserved land in second-phase new towns such as Hwaseong Dongtan 2, Yangju Hoecheon, Paju Unjeong 3, and Pyeongtaek Godeok into residential land to supply up to 5,800 housing units. These units are expected to be available for pre-sale next year.

Along with existing supply measures such as the 2·4 measures, the special committee plans to supply 10,000 units of housing for youth and newlyweds on former public institution sites and promote remodeling of first-phase new towns like Bundang and Ilsan as additional supply measures. Efforts will also continue to actively identify long-term large-scale land supply projects within urban areas such as military airports, reservoirs, and correctional facilities.

Furthermore, in addition to the government-party task force (TF) on future supply measures, a joint regular meeting will be held with the Seoul Metropolitan Council TF composed of Democratic Party Seoul city councilors. They plan to announce plans for discovering complex development sites and housing supply measures within Seoul and other urban areas by the end of this month.

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