Land Minister Visits Newly Built Purchase-Rental Housing, Stresses "Speed of Housing Supply Is Key"

Inspects Housing Supply Sites, Including the Third New Town and Private-Sector Developments

Hong Jiseon, Minister of Land, Infrastructure and Transport, visited a newly built purchase-rental housing property in Mapo-gu, Seoul, on October 14 and said, “The pace of supply is more important than anything else in stabilizing the jeonse and monthly rental markets.” Since taking office on September 22, she has personally visited housing supply sites to oversee progress, including the Bucheon Daejang District in the Third New Town project on her first day in office and a private-sector development site in Godeok-Gangil on October 8.

The rental housing property visited by Minister Hong was contracted in November 2024, construction began in March 2025, and it was completed in October 2026. It has 132 units, is located about a 10-minute walk from a subway station, and offers excellent transport links and housing at below-market prices. With several universities nearby, it is considered a popular location among young people.

After receiving a report from the Korea Land and Housing Corporation (LH) on this year’s construction starts and contract figures for newly built purchase-rental housing, as well as its supply plans for the rest of the year, Minister Hong toured the units set to be occupied. She said, “Newly built purchase-rental housing is an important policy tool that uses private-sector capacity to supply homes in urban areas in a relatively short period, which the public sector can then use as rental housing.”

Minister of Land, Infrastructure and Transport Hong Jiseon listens to an explanation during a visit on the 14th to a newly built public rental housing complex in Mapo-gu, Seoul. Photo provided by the ministry.

She added, “We have put measures in place to encourage greater participation from businesses, including expanding acquisition tax reductions and improving the pricing method. We will monitor implementation and address challenges at the sites to ensure these institutional improvements lead to an actual increase in supply. We will further accelerate the process so that permits lead to construction starts, and construction starts lead to move-ins.”

She also stressed that the focus should not be solely on increasing housing supply, but on providing safe, reliable homes in locations where young people want to live. Minister Hong urged LH and other officials at the sites to “meet the construction-start and contract targets set for the end of the year without delay, and ensure homes where residents can live comfortably are supplied promptly.”

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