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Government targets housing supply and affordability
South Korea plans to supply 1.19 million publicly supported homes by 2030 as part of a five-year shift toward housing assistance tailored to residents’ age, family circumstances and region, according to the Ministry of Land, Infrastructure and Transport.
About 920,000 of the homes would be in the Seoul metropolitan area, where housing costs and demand are especially concentrated. The government also aims to expand the country’s long-term public rental stock to 2.5 million homes, or more than 10% of all housing.
The plan calls for 243,000 homes for public sale in areas including the country’s third-generation new towns, large planned communities intended to ease pressure on Seoul. About 211,000 would be in the capital region. Officials also plan lower-cost purchase models that allow residents to build equity gradually or share future profits with the government.
A new category of private rental housing would offer leases lasting at least 20 years. A 20-year mortgage backed by the Korea Housing and Urban Guarantee Corp. is also scheduled for release in the second half of the year.
A new rental option for middle-income households
The government plans to introduce 190,000 units of what it calls universal public rental housing by 2030, including 171,000 newly built homes and 18,000 homes purchased for the program. The housing is intended to offer improved quality at lower costs, while supporting marriage, child-rearing and communities with a mix of income levels.
Officials said the new program would be separate from integrated public rental housing, which is primarily aimed at lower-income and vulnerable residents. The universal program would extend eligibility further into the middle-income population.
Housing tailored to different stages of life
About 240,000 publicly supported homes are planned for young adults by 2030. Options would include subsidized dormitories, shared housing and newly purchased apartment-style buildings for college students and job seekers. The government also plans to expand access to public rentals and monthly rent assistance.
Newlyweds and households raising children would receive about 330,000 homes, including developments designed for families with young children. Families that grow would receive help moving into larger units.
Older households would receive 50,000 homes, including senior welfare housing. The government also plans senior-oriented rental communities and retirement villages, along with renovations such as removing thresholds and installing safety handrails in existing homes. Housing programs would be linked more closely with integrated care services.
Easier applications and support for vulnerable residents
New public rental homes would be concentrated near subway and rail stations and in urban centers, with more midsize units and expandable layouts for smaller homes. Aging rental complexes would undergo reconstruction, remodeling or other improvements.
The government plans to reduce procedural barriers and create a unified waiting-list system that allows applicants to search multiple properties. Eligibility would consider both income and assets.
Housing allowances would cover more people and provide larger benefits. Residents of tiny single-room dwellings and goshiwon — extremely small rooms often rented by people with limited housing options — would receive help moving into better public housing. Redevelopment would also accelerate in clusters of substandard rooms in Seoul’s Yeongdeungpo and Dongja neighborhoods and in the central city of Daejeon.
Government agencies plan to use artificial intelligence and shared data to identify vulnerable residents. Housing welfare counselors would also be assigned throughout permanent public rental complexes.
Fraud prevention and funding
The government plans to add a risk-assessment service to its Safe Jeonse app in the second half of the year. Jeonse is a rental system common in South Korea in which tenants provide landlords with a large refundable deposit instead of, or in addition to, monthly rent. A wave of deposit-related fraud has increased pressure for stronger safeguards.
Local housing welfare services would be consolidated through regional housing welfare centers, with the government supporting their establishment in every local jurisdiction.
Funding has not been finalized. Officials are considering securing more than 30 trillion won for investment and spending next year, with detailed annual costs and financing plans to be released later.
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