South Korea plans 1.19 million public sale and rental homes by 2030

SEOUL, Sept. 21 (Yonhap) -- South Korea's government announced on Monday its intention to provide 1.19 million public sale and rental homes by 2030, with a significant portion designated for the Seoul metropolitan area. This initiative is part of a broader strategy to stabilize the housing market and increase affordable housing options, particularly for vulnerable demographics such as low-income households, young individuals, and newlyweds who are finding it difficult to enter the private market.

The plan, detailed by the Ministry of Land, Infrastructure and Transport, targets an average annual supply of approximately 240,000 units. The concentration of these homes in the greater Seoul area reflects the region's high housing demand. The total planned supply represents about 13.6 percent of the nation's existing 8.71 million rental housing units as of 2024. The government intends to achieve this supply through various methods, including new construction on public land, purchasing existing private homes to convert them into public rentals, and leveraging current private-sector housing stock.