South Korea to Launch 62,000 Public Housing Units This Year in Major Supply Push

South Korea to Launch 62,000 Public Housing Units This Year in Major Supply Push

SOUTH KOREA: South Korea’s government plans to begin construction on 62,000 public housing units in the capital region in 2026, more than double the average annual starts over the past five years and the largest supply push since 2020. The move is aimed at offsetting weak private-sector construction caused by high interest rates and rising costs, while easing concerns over a potential housing supply shortage.

The Ministry of Land, Infrastructure and Transport said 10,000 units will break ground in the first half of the year to accelerate delivery. Key projects include Third New Town developments and major sites in Seoul, Seongnam, and Hwaseong. To support faster execution, Korea Land and Housing Corporation has allocated KRW 40.7 trillion (US$29.5 billion) for housing investment this year, around KRW 8 trillion (US$5.8 billion) above its recent five-year average, alongside efforts to streamline approvals and remove project bottlenecks.

Source: Chosun Daily