Youth Housing Support Tailored to Life Cycle... Focus on Middle-Class Growth [6·21 Real Estate Measures]

Introduction of Lottery System for Small and Medium-Sized Houses
Supply of 150,000 Rental Housing Units
Strengthening Financial Support for Housing Funds

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] A tailored housing support package for youth at different life stages, including youth housing supply, expanded subscription opportunities, and rental housing supply, will also be prepared. While existing youth housing support policies focused on reducing housing costs for low-income youth, such as expanding public rental housing supply, this package policy focuses on youth asset formation and support for middle-class growth. Specific supply plans and supply models for the supply of 500,000 youth housing units will be prepared, and plans for pilot project site concretization and preliminary subscription promotion will be presented.

A plan to introduce a lottery system for small and medium-sized housing is also expected to be prepared, which will expand subscription opportunities for youth with low subscription scores. Housing welfare policies such as the supply of 150,000 rental housing units for youth and newlyweds and strengthening financial support for housing purchase and jeonse funds are also planned. This is linked to the plan to supply 2.5 million units, and pilot project sites will be specified and announced after consultations in August and September.

Minister Won said, "To stabilize youth housing, we will prepare a youth housing supply plan with lowered entry barriers in areas preferred by youth, such as GTX transfer-accessible areas and near self-sufficient land in the 3rd New Town, where transportation is convenient and jobs are abundant, and start the first supply within the year."

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