17,000 Public Housing Units Launched in the Greater Seoul Area by Q3

As of the third quarter of this year, 17,000 public housing units have been initiated in the Greater Seoul area. The government plans to concentrate public housing construction in the fourth quarter, aiming to exceed 60,000 units by year-end, thereby achieving most of its annual target of 62,000 units.

On October 2, the Ministry of Land, Infrastructure and Transport held the third public housing supply monitoring task force meeting with the Korea Land and Housing Corporation (LH), Seoul Housing and Communities Corporation (SH), Gyeonggi Housing and Urban Corporation (GH), and Incheon Urban Corporation (iH) to review the construction performance and progress of public housing in the Greater Seoul area.

The public housing construction performance in the Greater Seoul area for this year stands at 17,000 units as of the third quarter. The Ministry anticipates that more than 60,000 units will be initiated by year-end, largely meeting the annual target of 62,000 units.

However, a significant portion of the annual target is concentrated in the fourth quarter. The government plans to focus on the preparation and schedule of various projects, including approximately 45,000 public housing units, new purchases, and private redevelopment, all set to begin in the fourth quarter. Procedures necessary for construction, such as permits and project orders, will also be expedited.

The public sector's construction target for next year is approximately 84,000 units, including 5,000 units for small-scale redevelopment projects. The Ministry and the respective corporations plan to manage the progress of projects from the compensation and site preparation stages before construction begins, addressing any delays in advance to secure the target volume.

Kim Yi-tak, the First Vice Minister of Land, Infrastructure and Transport, stated, "It is crucial to accelerate the supply pace in the remaining period to ensure that the planned volume for housing stability for the public translates into actual construction." He added, "With approximately 45,000 public housing units, new purchases, and private redevelopment all scheduled for the fourth quarter, we will focus on maximizing performance through intensive management at each site."

He further urged, "While positive signals have been detected recently, particularly in Seoul, we must remain vigilant and closely monitor the housing supply situation from both public and private sectors to do our utmost to achieve the target volume."