The South Korean government will supply 1.19 million public homes, including both for-sale and rental units, by 2030 in a bid to stabilize the jeonse (a Korean lease system requiring a large lump-sum deposit instead of monthly rent) and monthly rent markets. Of that total, 570,000 units will go to young adults and newlywed or child-rearing households, with income and age requirements eased to reduce housing costs for younger renters. The government will also designate areas in Daejang-dong in Goyang and Ojeon-dong in Uiwang, both in Gyeonggi Province, as public housing districts to build a combined 23,400 units.
The Ministry of Land, Infrastructure and Transport (MOLIT) said on the 21st that it would expand housing supply through the plan, called the Housing Stability Plan, and the designation of the new public housing districts.
The government will supply about 240,000 units a year through 2030, or 1.19 million in total, including public rental and public for-sale housing. Of those, 920,000 units, or 77%, will be placed in the greater Seoul area, where housing demand is highest. It will also introduce a new category of high-quality public rental housing open to a broad range of income groups, supplying 190,000 such units. To ease housing costs for young adults, the monthly income ceiling for eligibility will be raised to 2.74 million won from the current 1.54 million won.
The ministry will also complete the designation process for the Goyang Daegok knowledge convergence district and the Uiwang Ojeon-Wanggok district, both announced as candidate sites in November 2024, and build 9,400 and 14,000 units respectively, for a total of 23,400. To speed up construction, the government will draw up district plans in advance, aiming for approval in the second half of next year and the start of the first housing project in 2029.
The government says it will stabilize the jeonse and monthly rent markets by strengthening support for vulnerable households and concentrating public housing supply in the greater Seoul area, where demand is heaviest. But critics note that a significant share of the supply consists of homes the government purchases or leases from the existing market, and that construction on the newly designated sites cannot begin until late 2029, limiting any short-term impact on the property market.
