Gyeongbuk Development Corporation's Half-Price-Rent 'Dream Housing' in Gaheung-dong, Yeongju, Draws 10.8-to-1 Competition; 282 Apply for 18 Youth Units

Gyeongbuk Development Corporation said on October 21 that Dream Housing, which it launched for the first time in partnership with Yeongju City, drew 455 applications for 42 units, an average competition ratio of 10.8 to 1.

Located in Gaheung-dong, Yeongju-si, Dream Housing attracted interest from prospective tenants even before applications opened. All units are purchase-based rental homes with an exclusive floor area of more than 60 square meters. The homes offer spacious living areas and convenient access to amenities, while rents are less than half the market rate. Yeongju City also provides additional rental support, reducing the burden of housing costs. These factors are believed to have driven the strong interest.

Architectural rendering of Dream Housing in Gaheung-dong, Yeongju-si

The youth units come equipped with home appliances, reducing tenants' initial costs. Their spacious living areas and reasonable rental terms attracted strong interest from young people: 282 people applied for 18 units, a competition ratio of 15.6 to 1.

“The strong interest among residents of Gyeongbuk Province in Yeongju Dream Housing has given us a clear indication of the direction housing welfare should take,” said Lee Jaehyeok, president of Gyeongbuk Development Corporation. “We will continue working with local communities to realize a Gyeongbuk-style housing welfare system that supports families raising children.”

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