Government to supply more than 1 million rental, sale homes by 2030 to ease housing pressures 

The government said Monday it aims to supply 1.19 million public sale and rental homes through 2030, mostly in the Seoul metropolitan area, as part of its effort to expand housing support.

The Ministry of Land, Infrastructure and Transport unveiled the housing stabilization plan, which focuses on providing tailored housing support for low-income households, young people and newlyweds amid rising home prices in the greater Seoul area.

Under the plan, the government aims to supply an average of about 240,000 homes annually, totaling 1.19 million units through 2030. About 77 percent will be concentrated in the Seoul metropolitan area, where housing demand remains particularly high.

The planned supply is equivalent to about 13.6 percent of the country's 8.71 million rental housing units as of 2024.

The homes will be supplied through a range of programs, including new construction on public land, purchases of privately built homes for conversion into public rental housing and programs utilizing existing private-sector housing.

The ministry said the measures are aimed at expanding affordable housing options for households that do not own homes, particularly those facing difficulties entering the private housing market.

Yonhap