'Maeip Imdae Jutaek' Purchased After 6 Years of Residence, Over 50,000 Units Released in 2 Years

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (left) and Minister of Land, Infrastructure and Transport Park Sang-woo (right) visited Bucheon Daejang 3rd New Town on the 20th.

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The Ministry of Land, Infrastructure and Transport announced that it will supply more than 50,000 units of 'purchase-conversion rental housing' available for purchase after six years of residence over the next two years. Public purchase rental housing refers to rental homes supplied by government agencies purchasing detached houses or apartments built by the private sector.

On the 22nd, the Ministry stated, "We plan to supply at least 50,000 purchase rental housing units, mainly medium-sized apartments in excellent locations such as areas near subway stations," adding, "These homes are newly built 'purchase-conversion rental housing,' allowing tenants to choose whether to purchase after renting for at least six years without a subscription savings account."

The purchase-conversion rental housing will be supplied as Dundeun Jeonse (Jeonse type) and newlywed & newborn purchase rental (monthly rent type). In the case of Dundeun Jeonse, all existing supply units will be converted to purchase-conversion type and supplied.

Detailed information, including eligibility for purchase conversion and residency qualifications, will be disclosed in the Dundeun Jeonse housing tenant recruitment announcement scheduled for November.

The Ministry aims to supply more than 110,000 newly built purchase rental housing units by next year. Newly built purchase rental housing can start construction immediately, and since villas or small apartments take only a few months to up to a year to complete, they can be built and occupied quickly, which is an advantage.

According to this plan, 21,000 units to be supplied will be concentrated in the metropolitan area: 5,000 units in Seoul, 3,000 in Incheon, and 9,000 in Gyeonggi Province. Among these, 13,600 units are for newlyweds, and 3,400 units are for Dundeun Jeonse.

A Ministry official explained, "The government has made several efforts to revitalize newly built purchase rental housing by providing tax benefits, financial support, and regulatory improvements to expand the private supply base," adding, "So far, purchase contract applications have reached about 100,000 units, showing high interest from private developers."

They continued, "The Korea Land and Housing Corporation (LH) Dundeun Jeonse, which supplies medium-sized newly built housing mainly for newlyweds and newborn families at affordable Jeonse prices around 90% of market value, is also very popular."

In the first tenant recruitment announcement held in June for 1,642 units, the nationwide average competition rate reached 21 to 1. Especially in Seoul, the competition rate was 101 to 1. The second tenant recruitment announcement is scheduled for November with about 1,000 units already secured. Houses contracted for purchase this year can be occupied as early as next year.

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