Building 'Eoreushin Ansimsutak' Cheaper Than Market Price Near Hospitals and Station Areas

Public rental housing supplied at less than half the market price
Private rental housing offered 75-85% cheaper
Within 350m radius of hospitals and station areas
20% sales allowed to ensure project stability

‘Elderly Safe Housing,’ which offers housing near hospitals frequently visited by seniors aged 65 and older or near subway stations at affordable rents, will be introduced. The Seoul Metropolitan Government will increase the floor area ratio for developers building these houses and allow 20% of the supply to be sold.

On the 30th, the city announced the supply plan for Elderly Safe Housing and will begin recruiting sites starting next month. The official administrative procedures will commence in April, and the first residents are expected to move in as early as 2027.

Supply of Rental Housing to Reduce Housing Burden Ahead of Ultra-Aged Society

Elderly Safe Housing refers to public and private rental housing supplied to households without homes headed by seniors aged 65 or older. Considering social changes such as entering an ultra-aged society in 2025, where one in five people will be 65 or older, the city has been preparing a new type of housing supply to alleviate housing burdens in old age.

For Elderly Safe Housing, public rentals will be priced at 30-50% of the surrounding market rent, while private rentals will be set at 75-85% of market rent. By reflecting parking lot revenues and other factors in management fees, the burden on residents is expected to decrease further.

Public rental housing will be supplied to elderly one- or two-person households. Private rentals can also accommodate young one- or two-person households living with seniors. Tenants must ensure that seniors aged 65 or older make up at least 50% of the residents, and single-person households must constitute at least two-thirds of the total households. There are no restrictions on household size or age for the sale housing units.

The advantage of Elderly Safe Housing is that it is built near subway stations or adjacent to health institutions and general hospitals. The city has set the project site criteria within 350 meters of subway stations, public health centers, or secondary and tertiary general hospitals, and within 50 meters of main roads. Unlike silver towns or nursing facilities located on the outskirts, the aim is to build housing near hospitals with convenient facilities around subway stations to provide medical support and prevent social isolation.

Built Near Hospitals and Subway Stations, 20% for Sale

The city plans to significantly increase the floor area ratio for developers and require that 80% of the supply be rental housing and 20% be sale housing. Compared to the ‘Youth Safe Housing’ supplied to those aged 19-39, the business conditions such as floor area ratio relaxation are similar, but allowing 20% of the housing to be sold is a major difference.

Additionally, the land use zone of the project site will be upgraded to apply the legal maximum floor area ratio. Half of the increased floor area ratio beyond the basic ratio must be supplied as public rental housing. Tax benefits such as reductions in acquisition tax, property tax, and comprehensive real estate tax will also be provided. The permit period from preliminary consultation to project plan approval will be drastically shortened from 12 months to within 6 months. Furthermore, construction loans of up to 24 billion KRW will be supported at low interest rates, with a 2% subsidy on the interest difference.

The city has designed Elderly Safe Housing as a senior-friendly residential space and equipped it with community facilities. The living spaces will have no thresholds or level differences, and will include handrails on toilets and bathtubs, as well as simple chairs in showers and entrances. Facilities such as a ‘Medical Center’ for physical and mental health management, a ‘Life Sports Center’ for aerobics and Pilates, and a ‘Nutrition Center’ providing nutritious meals will be introduced. Additionally, a ‘Comprehensive Support Center for Elderly Safe Housing’ will operate to assist residents from move-in to contract and move-out. Physical and rehabilitation therapy rooms linked with medical welfare facilities will be established, and if the area exceeds 5,000㎡ as requested by autonomous districts, public health clinics and welfare support facilities will also be installed.

Han Byung-yong, Director of the Seoul Housing Policy Office, said, "A comfortable and safe living environment in old age is an absolute factor in maintaining physical and mental health and quality of life. Since there is not much time before entering an ultra-aged society, we will quickly promote the project to supply stable housing facilities for seniors."

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