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S. Korean gov't to offer 60,000 public housing unit pre-subscriptions by 2022 Updated: 2020-09-08 17:02:40 KST

As part of the plan to increase the supply of new homes in the capital, the South Korean government will offer a total of 60-thousand public housing unit pre-subscriptions by 2022.
These units will be in Incheon, Goyang and Namyangju in Gyeonggi-do Province and several other cities that have been designated as public housing sites for the third stage of South Korea's New Town Developments Plan.
Finance Minister Hong Nam-ki announced at a ministerial meeting on Tuesday that the initiative will start next July.

"The government is offering 60-thousand pre-subscriptions so that people can actually get a sense of the improving housing situation in the capital. These are among the 240-thousand public housing units to be supplied in the greater Seoul area by 2022."

Under the plan, 30-thousand public housing pre-sales are to be made available next year, with the same number being offered again in 2022. This follows the government's proposal last month to supply 132-thousand additional homes in Seoul and the surrounding area.

"The government's initiative of pre-subscription is a welcome step to disperse speculative moves because in order to maintain their subscriptions, people cannot buy another house."

With the pre-subscription, tenants will be selected one or two years before the actual subscription period.
In order to be eligible for the pre-subscription, the person has to be a member of a household not currently owning a house, has to have a housing subscription deposit account and should be living in the designated public housing area.
The Finance Minister also said the government will improve public transport for the public housing sites, which were originally selected for their ease of access to Seoul.
The government will also increase the supply of mid-sized units that are between 60 and 85 square meters by up to 50 percent to match the high demand for such homes.
Eum Ji-young, Arirang News.
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