'2.5 Million Housing Supply Roadmap' to be Announced in August... Promoted Through Communication with Private Experts [6·21 Real Estate Measures]

Plan to Prepare Early Supply Measures Including Pre-Subscription for Youth Housing Within the Year

Minister of Land, Infrastructure and Transport Won Hee-ryong is speaking at the 1st Real Estate Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 21st. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Seoyul] On the 21st, the government announced at the '1st Real Estate Related Ministers' Meeting' that it will concretize the previously proposed '2.5 million housing supply roadmap' to establish effective housing supply measures and prepare a housing support package tailored to the life cycle of youth.The government's major national agenda, the '2.5 million housing supply roadmap,' will have location-, type-, and timing-specific supply plans and detailed implementation plans announced around August. The government plans to develop new models to promote private sector supply, identify key pilot project sites by business type, and prepare early supply plans such as pre-subscription for youth housing within the year.

Won Heeryong, Minister of Land, Infrastructure and Transport, said at the real estate ministers' meeting held at the Government Seoul Office on the 21st, "Based on analysis and evaluation of past supply policies, we will present a new housing supply blueprint that considers various lifestyles and residential environments including education, culture, and jobs."

The goal is to promote supply trust and market stability through the preparation of specific supply and implementation plans. Based on in-depth analysis results of project promotion conditions such as housing sites and national/public land, as well as the effects of institutional improvements, the quantity targets will be adjusted and finalized by type. The process will be carried out through communication with private experts from the policy design stage. Ideas are being generated through the Housing Supply Innovation Committee formed on the 29th of last month and concretized by the Housing Supply TF (First Vice Minister), composed of central government ministries, local governments, and supply agencies. The designed content is scheduled to be announced through consultations with related organizations in July to August.

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