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South Korea to supply 230,000 homes in Greater Seoul by 2030
The South Korean government has announced a comprehensive housing supply and financial support plan to stabilize the real estate market, particularly in the Greater Seoul area. A central component of the strategy is to secure a supply base of approximately 230,000 homes in the metropolitan region by 2030. To accelerate this process, the government aims to reduce the administrative period for public housing development from an average of 68 months to 37 months by running procedures such as land designation and compensation in parallel.
To encourage private sector participation and support construction, the government will increase the annual target for project financing (PF) guarantees from the Korea Housing Finance Corporation (HF) and the Korea Housing & Urban Guarantee Corporation (HUG) to 28.7 trillion won. Additionally, the Financial Services Commission (FSC) is expanding housing finance support for young people, newlyweds, and first-time homebuyers. This includes the launch of the ‘Youth Future Bogeumjari Loan’ in January, which will offer up to 80% loan-to-value (LTV) for non-apartment homes priced under 400 million won. To mitigate the ‘marriage penalty,’ newlyweds will be allowed to maintain loan eligibility based on individual income rather than combined household income.
While these measures focus on the metropolitan area, concerns have been raised regarding regional inequality, as 72.2% of unsold housing nationwide is currently located in non-metropolitan areas. In Seoul, the municipal government is also working to expand youth housing by increasing the radius for station-area housing projects and providing additional rental and financial support.
Entities
Financial Services Commission · Greater Seoul · Ministry of Land, Infrastructure and Transport · Oh Se-hoon · Seoul · Seoul Housing & Communities Corporation · Seoul Metropolitan Government · South Korean government
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] The South Korean government plans to secure a supply base of approximately 230,000 homes in the Greater Seoul area by 2030. www.imaeil.com · www.koreaherald.com
- [● 3 SOURCES] The government aims to reduce the administrative period from an average of 68 months to 37 months for public housing development. www.imaeil.com · biz.heraldcorp.com · www.seoul.co.kr
- [○ 1 SOURCE] 72.2% of unsold housing nationwide is located in non-metropolitan areas. www.imaeil.com
- [● 2 SOURCES] The 'Youth Future Bogeumjari Loan' will offer up to 80% LTV for non-apartment homes under 400 million won. www.seoul.co.kr
- [● 3 SOURCES] The FSC will introduce a mortgage loan providing longer-term financing for young people preparing to purchase homes. www.koreatimes.co.kr · www.seoul.co.kr
- [● 2 SOURCES] The government will increase the annual target for PF guarantees from HUG and HF to 28.7 trillion won. www.imaeil.com · biz.heraldcorp.com
- [● 3 SOURCES] The government will allow newlyweds to retain loan eligibility based on individual circumstances rather than combining incomes. www.koreatimes.co.kr · www.seoul.co.kr