Jeju Development Corporation Promotes Purchase of Housing for Public Rental Housing

Applications Accepted Until the 31st, Purchase of 160 Existing Houses Underway

Leading Efforts to Enhance Residents' Housing Welfare Through Continuous Public Housing Acquisition

Jeju Special Self-Governing Province Development Corporation, which produces and distributes Jeju Samdasoo, announced on the 15th that it plans to purchase and supply 160 existing houses this year to support housing stability for vulnerable residential groups in the province.

The target houses for purchase include multi-family houses, multi-occupancy houses, and communal housing (multi-unit houses, row houses, apartments), as well as residential officetels across Jeju Special Self-Governing Province, with a private area of 85㎡ or less and a building age of 10 years or less.

Jeju Samdasoo Promotion Center Exterior [Photo by Jeju Development Corporation]

The purchase price ceiling for 110 houses supplied to low-income families and multi-child families is 198 million KRW per house in urban areas and 158 million KRW per house in eup/myeon areas, while 50 houses planned for youth supply are priced at 133 million KRW per house.

The 160 houses to be purchased will be selected as eligible houses after document screening and on-site surveys, followed by a purchase review committee for houses meeting certain standards. The purchase price of the selected houses will be set below the amount appraised by a certified appraisal institution.

The application deadline is until the 31st, and applications must be submitted by visiting the Jeju Special Self-Governing Province Development Corporation or by mail.

For more details, please check the Jeju Development Corporation website or contact the corporation’s Housing Welfare Team.

Since 2006, Jeju Development Corporation has continuously supplied public rental housing for the housing stability of residents, currently operating a total of 1,484 houses (1,156 purchased type, 328 constructed type).

The houses purchased this time will be supplied to vulnerable residential groups in the province such as basic livelihood security recipients, single-parent families under protection, and multi-child families. The rental deposit and monthly rent will be about 30% of the market price, with an initial lease period of 2 years and a maximum residence period of up to 20 years if qualifications are maintained.

In particular, this year, 30 multi-child family purchase rental houses will be supplied for the first time by a local government targeting homeless multi-child families.

Meanwhile, the corporation is carrying out various projects such as community culture building and providing customized housing welfare services to realize the four major rights for improving residents’ housing welfare (the right to happiness, the right to know, the right to convenience, and the right to safety).

Jeju = Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won baekok@asiae.co.kr

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