Finance Minister Koo Yun-cheol announced on Friday that the Korean government is committed to supplying approximately 90,000 new rental housing units specifically for young people in the greater Seoul area by 2027. This initiative forms a crucial part of broader governmental efforts aimed at stabilizing the dynamic housing market and significantly improving living conditions for the youth demographic across the region.
“The government is actively exploring diverse strategies to expand the availability of non-apartment housing options, recognizing this as a fundamental pillar of our comprehensive public housing supply program,” Minister Koo stated during a key meeting of ministers focused on national real estate policy.
He further elaborated on the ambitious plan, stating, “We are targeting the provision of 90,000 rental units across Seoul and its surrounding areas within the next two years, with a significant portion—66,000 of these units—to be strategically located within regulated zones to maximize impact.”
Minister Koo emphasized the advantages of non-apartment housing solutions, such as multifamily homes and compact studio units. These types of residences can be supplied relatively swiftly, offering a more immediate and effective way to alleviate the pressing housing difficulties currently faced by young residents in the metropolitan area.
To accelerate project timelines and encourage development, the government plans to integrate modern construction methodologies, including modular housing. These innovative approaches are expected to significantly shorten construction periods and reduce financial burdens on developers, thereby fostering earlier project launches and a faster delivery of much-needed housing for young people.
