President Lee Jae-myung visited Incheon Gyeyang on October 20, a district he represented during his time in the National Assembly. His visit aims to highlight achievements in housing supply while gauging public sentiment in the metropolitan area. With rising housing prices and rental burdens becoming critical issues, the first occupancy of the third new town project serves as a platform to emphasize the effectiveness of supply policies.
As the trend of converting jeonse (long-term lease) into monthly rent accelerates, rental prices continue to soar. Following a Cabinet meeting in the morning, President Lee went directly to the site in the afternoon to assess the execution of policies and connect directives with on-site inspections. During the Cabinet meeting, he called for a 'supply blitz' to reduce the time required for land development, permits, and construction.
The Incheon Gyeyang public housing district is set to be the first area to welcome residents in December, marking the initial occupancy of the third new town project. A total of 1,285 units will be available, including 747 public sale units in Block A2 and 538 newlywed hope town units in Block A3. This marks the first tangible outcome nearly eight years after the announcement of the third new town initiative.
After touring the Block A3 site, President Lee chaired a meeting with prospective residents, experts, and officials from the government and the Blue House. The meeting featured a banner stating, 'From speed to results, housing supply that the public can feel.'
President Lee stated, “Typically, the government manages housing supply based on construction starts, but the standard for the public should be occupancy.” He emphasized the importance of advancing the actual occupancy timeline to evaluate policy effectiveness rather than merely announcing permits and construction volumes.
He also instructed that infrastructure such as transportation, education, and district heating be prepared in line with the occupancy schedule. This is interpreted as a commitment to avoid repeating past issues where housing was supplied before essential infrastructure.
Notably, President Lee's visit to Incheon Gyeyang carries significant symbolic weight. The first occupancy will serve as a benchmark for the supply schedules of other third new towns and will test whether announced plans can translate into actual results. He stressed, “The swift supply of the third new town is a crucial turning point for the success of real estate policy.”
The government has clearly shifted the focus of its real estate policy from regulation and market management to supply execution.
Additionally, the president noted the supply gap resulting from a decrease in permits and construction since 2022. Given that it typically takes three to four years from permit approval to occupancy, the government believes the impact of the reduced volumes will become evident moving forward.
President Lee reaffirmed the goal for the Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation (LH) to commence approximately 90% of the public housing units in the third new town by 2030.
He urged, “Please review all procedures that deviate from existing practices from the ground up and do your utmost to expedite actual construction plans by even a single day.”
* This article has been translated by AI.
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