Minister of Land, Infrastructure and Transport Hong Ji-sun visited a newly built rental housing site in Mapo, Seoul, on October 14, to assess the progress of housing supply and urged for an increase in the supply rate.
The Ministry of Land, Infrastructure and Transport reported that Minister Hong visited the rental housing site located in Seongsan-dong, Mapo, where she received updates from the Korea Land and Housing Corporation (LH) on this year's construction and agreement performance, as well as plans for supply within the year.
This visit marks the third inspection of housing supply sites, following visits to the third new town in Bucheon Daechang District on September 22 and a private project in Godeokgangil on October 8.
The housing project consists of 132 units, with an agreement signed in November 2024 and construction commencing in March of the previous year, culminating in completion this month. It is located approximately 450 meters from Gajwa Station on the Gyeongui-Jungang Line and is also within walking distance of Mapo-gu Office Station on Line 6. The area is home to Yonsei University, Hongik University, and Myongji University, making it a high-demand location for young residents.
During her visit, Minister Hong toured the upcoming units, examining the internal layout, finishing materials, and storage space.
"Newly built rental housing is an important policy tool that utilizes private capabilities to supply housing in urban areas relatively quickly while allowing public use for rentals," she stated. "To stabilize the rental market, the speed of supply is of utmost importance."
She also urged the implementation of previously announced measures to improve supply. The ministry had outlined plans on May 22 for 'Supplementary Measures for Rental Housing Supply' and on August 13 for 'Rapid Housing Supply Measures,' which included expanding tax reductions and improving pricing methods to encourage private sector participation.
Minister Hong emphasized, "We will manage the progress of these institutional improvements to ensure they lead to actual supply increases and resolve challenges on the ground."
She noted that while housing permits and construction are increasing in Seoul, the overall experience in the metropolitan area has yet to reflect this. "We will accelerate the process from permits to construction and from construction to occupancy," she added.
She also highlighted the importance of aligning supply with the housing needs of young people, stating, "Ensuring stable housing for young people requires more than just increasing the number of homes; we must provide safe housing in areas where they actually want to live."
* This article has been translated by AI.
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