Seoul: The government plans to provide an additional 15,000 units of public housing in the greater Seoul area by utilizing idle state-owned land, the Ministry of Economy and Finance said Tuesday, bringing to 35,000 the total number of public housing to be supplied by 2035.
According to Yonhap News Agency, the new initiative supplements a previously announced plan to supply 20,000 public housing units, mostly for younger generation, low-income households, and newlyweds, the ministry added.
The latest plan includes the development of unused government land and properties in central Seoul and nearby cities, such as Gwangmyeong, aiming to expand affordable housing options. The initiative is part of a broader effort by the government to stabilize housing conditions for younger residents in the capital region, where real estate prices are significantly higher than in other parts of the country.
"State-owned assets must also play a proactive role in the broader competition for national growth," Finance Minister Koo Yun-cheol said. "Our national property management plan should reflect this evolving perspective."