SEOUL — In an effort to address the housing shortage in the private sector, the South Korean government has unveiled plans to provide 80,000 new homes.
According to Yonhap News Agency, The Ministry of Land, Infrastructure and Transport announced the selection of five new sites for this purpose, including Yongin, Guri, and Osan in Gyeonggi Province, Cheongju in North Chungcheong Province, and Jeju Island. This move is part of the government's ongoing strategy to enhance housing availability, with the possibility of announcing additional sites for public homes next year if needed. This initiative marks the third instance of selecting new areas for public housing by the current government, following the plans to supply 46,000 homes in Gimpo and 39,000 homes in Pyeongtaek and Jinju, as previously announced in November last year and June, respectively. The government is also focused on improving transportation infrastructure in these areas to ensure better connectivity with central urban areas, industrial complexes, and neighboring residential towns. This plan comes on the heels of a September announcement to supply 120,000 public homes, in addition to the existing plan to deliver 2.7 million new homes by 2027. The government's approach includes 30,000 homes near Seoul and 85,000 in newly developed areas, as part of its broader strategy to stimulate housing supply through eased regulations and private sector participation in urban development projects.