Gyeonggi Province to Promote Introduction of 'Gyeonggi-Style Fair Housing Model' for Young People and Newlywed Couples

Gyeonggi Province is considering the introduction of a ‘Gyeonggi-Style Fair Housing Model’ to help young people and newlywed couples, who are struggling to buy their own homes due to high housing prices and housing costs, to live in stable housing for extended periods while also building assets.

On September 14, Gyeonggi Province announced that Gyeonggi Research Institute will conduct a study on the “Introduction Plan for a Gyeonggi-Style Housing Model to Achieve Fair Housing for Young People and Newlywed Couples” as a short-term policy project from this month through the end of this year.

This study will analyze the structure and operational examples of domestic and overseas public-led housing models, including land-lease housing—where the land remains publicly owned but only the building is sold—as well as profit-sharing models, equity accumulation models, and long-term public rental models.

The study will compare the supply price, duration of residence, asset-building methods, and operational pros and cons for each model and examine whether these can be applied to Gyeonggi Province’s housing market and business conditions.

Gyeonggi Provincial Government

The study was planned in response to the judgment that, mainly in the metropolitan area, rising housing prices and increasing housing costs are making it increasingly difficult for young people and newlywed couples to secure stable housing and buy their own homes.

Gyeonggi Province believes that the existing method of housing supply, which fully reflects high land prices in housing prices, is limited in its ability to continuously provide homes at prices that young people and newlywed couples can afford.

Based on the findings of the research, Gyeonggi Province plans to develop a specific operational plan for a Gyeonggi-Style housing model that can lower the initial purchase burden for young people and newlywed couples, while supporting both long-term stable residence and asset building. In particular, the province will also review the possibility of a pilot program linked with Gyeonggi Housing and Urban Corporation (GH)’s housing projects.

Lee Myungseon, Director of the Spatial Strategy Division at Gyeonggi Province, stated, “What young people and newlywed couples need is not simply an increase in the supply of housing, but rather, a broader range of options that allow them to live stably at affordable costs while also building assets,” adding, “We will closely examine whether a housing model suited to Gyeonggi Province’s circumstances can be implemented as an actual project.”

This content was produced with the assistance of AI translation services.