President Lee Calls for Accelerated Public Housing Construction to Address Housing Shortages
SOUTH KOREA: South Korean President Lee Jae Myung has directed government agencies to accelerate public housing development, aiming to begin construction on approximately 90% of planned homes in third generation new towns by 2030. The initiative seeks to shorten land preparation, permitting, compensation and construction timelines amid rising apartment prices and declining housing permits and construction starts. Lee emphasised actual construction and occupancy rather than announced targets, urging authorities to remove unnecessary regulations and consider financial incentives. The government will also prioritise transport, education and district heating infrastructure to improve living conditions in new housing developments around Seoul and support timely occupancy.
Source: UPI
