President Lee Jae-myung expressed his commitment to resolving real estate speculation and housing price instability while introducing the government's housing stability measures.
Currently on a trip to the United States and Mexico for the UN General Assembly, President Lee shared a post on X (formerly Twitter) on the 22nd regarding the government's announced 'Housing Stability Plan.'
He stated, "Gangnam's unbeatable real estate and the Republic of Real Estate Speculation will be stories of the past," emphasizing, "And it must be so."
The government's significant increase in public housing supply indicates a policy intent to transform real estate from a speculative target into stable living spaces. President Lee had previously outlined his plan to stabilize housing prices through rapid housing supply during a press conference on the 18th.
The Ministry of Land, Infrastructure and Transport announced the Housing Stability Plan the day before, which aims to supply a total of 1.19 million public housing units, including public sales and public rentals, by 2030. The average annual supply will be about 240,000 units, with 920,000 units, or 77% of the total, located in the metropolitan area.
The public housing will consist of 350,000 construction-type rentals, 313,000 purchase-type rentals, 230,000 jeonse-type rentals, 52,000 publicly supported private rentals, and 243,000 public sales. The government also plans to introduce shared equity and profit-sharing housing in public sales, allowing buyers to pay in installments or share future profits with the public.
* This article has been translated by AI.
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