Lee Jae-myung "Total Housing Supply of 3.11 Million Units Including 1.07 Million Units in Seoul" (Update)

Expansion from Existing Government Plan of 2.06 Million Houses
Seoul to Supply 1.07 Million Houses with Additional 480,000 Beyond Existing Plan of 590,000
30% of New Housing Supply Prioritized for Youth

[Asia Economy Reporter Oh Ju-yeon] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 23rd that "a total of 3.11 million housing units will be supplied nationwide at an accelerated pace." This is an increase of 1.05 million units from the approximately 2.06 million units previously announced by the government, and he stated that about half of the additional supply, 480,000 units, will be provided in Seoul, bringing the total to 1.07 million units.

[Image source=Yonhap News]

On the morning of the same day, Candidate Lee announced a real estate pledge including the supply of a total of 3.11 million housing units nationwide at the Poil Eoullim Center in Uiwang-si, Gyeonggi-do, saying, "We will supply the necessary housing sufficiently and with speed."

He promised, "In Seoul, we will supply a total of 1.07 million units by adding 480,000 units to the government's existing plan of 590,000 units." Specifically, among these, public housing sites will supply a total of 400,000 units by adding 280,000 new units to the government's plan of 120,000 units. This includes 80,000 units around Gimpo Airport (airport preservation zone) out of 200,000 units, 100,000 units on part of Yongsan Park and surrounding returned land, 20,000 units on national and public land such as Taereung, Hongneung, and Changdong, and 80,000 units through the undergrounding of Line 1.

Regarding supply through redevelopment of existing sites, he stated that a total of 410,000 units will be supplied by adding 100,000 units through deregulation of redevelopment, reconstruction, and remodeling to the existing plan of 210,000 units, and an additional 100,000 units through reconstruction of old permanent rental complexes.

In Gyeonggi-do and Incheon, 1.51 million units will be supplied by adding 280,000 units to the government's plan of 1.23 million units. In other regions, a total of 530,000 units will be supplied by adding 290,000 units to the government's plan of 240,000 units.

Along with this supply plan, he also proposed a pledge for 'half-price apartments.'

Candidate Lee promised, "We will change the supply price standard for public housing sites to construction cost, introduce a system for disclosing sale prices, and apply a price ceiling system to supply a large number of 'half-price apartments' at about half the market price of nearby areas."

He also pledged to supply various types of housing tailored to individual preferences and affordability.

Candidate Lee said, "We will supply sale housing and public housing in a balanced and diverse manner on public housing sites." For sale housing, in addition to general sale types, options such as building sale type (land lease), equity accumulation type, 'Anyone's House' type (purchase after lease ends at initially fixed sale price), and profit-sharing type (profit distribution according to shares upon sale) will be available for low-income and young people with limited financial resources.

Besides sale types, he emphasized that public rental housing (basic housing or lifelong housing), social housing (cooperative type), and shared housing, which middle-class people also desire and can live in for as long as they want, will be sufficiently supplied.

Additionally, to help young people own homes, 30% of public housing units will be preferentially allocated to young people without homes.

Candidate Lee said, "As the older generation has complacently neglected unfairness and polarization, innocent young people are bearing all the pain caused by low growth and lack of opportunities," and added, "As we greatly expand new supply, 30% of the supply will be preferentially allocated to young people without homes." He also stated, "All housing near Yongsan Park will be supplied as youth basic housing."

Financial restrictions and transaction tax burdens for first-time homebuyers will be significantly reduced.

Candidate Lee said, "We will greatly ease financial regulations by recognizing up to 90% LTV for first-time homebuyers considering region, area, and price," and "We will exempt acquisition tax for houses under 300 million KRW and reduce it by half for houses under 600 million KRW."

Candidate Lee emphasized, "We will completely resolve housing concerns for young people, the homeless, and genuine demanders," and "We will create a Korea where all citizens can realize their dream of owning a home and enjoy housing stability and basic housing rights."

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