South Korea to Supply 90,000 Rental Housing Units for Youth in Seoul Area by 2027

SEOUL, May 22 (Yonhap) -- Finance Minister Koo Yun-cheol said Friday the government plans to supply some 90,000 rental housing units for young people in the greater Seoul area by 2027, as part of broader efforts to stabilize the housing market and improve living conditions for youths.

"The government is seeking various ways to expand non-apartment housing, which is one of the key pillars of the public housing supply program," Koo said during a meeting of ministers related to real estate policy.

"We plan to supply 90,000 rental units in Seoul and surrounding areas for the next two years, and 66,000 of them will be located in regulated zones," he said.

Koo said non-apartment housing, such as multifamily homes and compact studio units, can be supplied relatively quickly, helping ease housing difficulties faced by young people at a faster pace.

The government will also adopt modular housing and other construction methods to shorten construction periods and reduce financial burdens on developers, encouraging earlier project launches, he added.

During the meeting, officials also reviewed housing market trends and response measures, and discussed plans to crack down on illegal real estate activities.