2.7 Million Housing Units to Be Supplied During Yoon's Term... 7 Out of 10 Citizens Say "Impossible"

76% Say "Still a Bubble... Too Expensive" in Response to Questions About House Prices

[Asia Economy Reporter Kim Min-young] Regarding the Yoon Seok-yeol administration's announcement to supply "2.7 million housing units" during its term, a survey revealed that 7 out of 10 Koreans believe it is impossible to achieve within the term. Responses indicating that current housing prices are "still expensive" were notably high.

On the 21st, Rep. Heo Jong-sik of the Land, Infrastructure and Transport Committee from the Democratic Party of Korea commissioned Research DNA, a professional polling agency, to conduct a real estate policy-related survey targeting 1,032 men and women aged 18 and older nationwide from the 18th to 19th. The results showed that 71.8% responded that the government's plan to supply 2.7 million housing units during its term is impossible, while 21.9% believed it is possible. This means that 7 out of 10 citizens think the government's large-scale supply plan will be difficult to realize within the Yoon administration's term.

Regarding current housing prices, the response that prices are still expensive was overwhelmingly high. According to the survey, only 12.0% said current housing prices are appropriate, 9.1% said prices have dropped too much, and 76.1% said prices are still inflated and expensive. By housing type, whether owner-occupied (73.9%), jeonse (long-term lease) (81.0%), or monthly rent (81.4%), all evaluated the current real estate market prices as expensive.

Regarding the Yoon Seok-yeol administration's real estate policy, 35.2% responded "doing well," while 56.4% responded "doing poorly."

Regarding the Ministry of Land, Infrastructure and Transport's budget plan shifting funds from public rental housing to public sale housing, 50.3% evaluated it as unreasonable, showing negative reactions across all social classes. Only those aged 60 and above gave more positive than negative evaluations. In particular, 61.1% of monthly rent residents assessed the Ministry's budget revision as moving in an unreasonable direction.

Regarding the "excess profit recovery system for reconstruction," 50.5% responded that excess profits should be recovered if they are excessive. This indicates that public opinion is more critical of the government's stance to ease the excess profit recovery system. Especially, 59.2% of residents in multi-family and multi-unit houses strongly supported the recovery of excess profits.

Regarding the price ceiling system for pre-sale housing, positive evaluations were 46.2%, which was 8.5 percentage points higher than the negative evaluation of 36.7%. However, among the 18-29 age group, 49.3% evaluated it negatively, and regionally, Daegu-Gyeongbuk (43.0%) and Gwangju-Jeolla (46.4%) showed more negative responses. This seems to reflect the perception that price regulation is excessive amid frequent under-subscription and unsold units.

Regarding the current subscription point system, which calculates scores based on the period of being homeless, number of dependents, and subscription savings period, 49.8% responded that improvement is needed. While those under 40 showed higher responses for system improvement, those aged 50 and above voiced that the current system is reasonable. It is interpreted that those aged 50 and above either succeeded in housing subscription under the current system or already own housing through other means, so they have little dissatisfaction with the current system.

When asked which real estate policy should be prioritized in the future, ▲ "support for home purchase by actual demanders" came out highest at 30.3%, followed by ▲ "strengthening regulations on multi-homeowners" at 29.4%, ▲ "support for mortgage loan interest rates" at 16.2%, ▲ "easing redevelopment and reconstruction regulations" at 12.6%, and ▲ "expanding real estate supply" at 8.9%.

In particular, 37.2% of villa residents and 36.5% of monthly rent residents responded that "support for home purchase by actual demanders" should be prioritized, which was relatively higher compared to other housing types and ownership forms.

Rep. Heo Jong-sik said, "A real estate supply plan tailored to local field conditions such as old and new towns should be established based on the principle of downward stabilization of housing prices, and we must transition to a fair society where people can own a home if they work hard."

This survey was conducted via automated response system (ARS) with a sample size of 1,032, 100% wireless. The survey targeted men and women aged 18 and older residing nationwide, using random digit dialing (RDD) for random sampling. The sampling error is ±3.1% at a 95% confidence level.

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