1.19 million public homes to be built by 2030, with 77% in Greater Seoul

President Lee Jae Myung and first lady Kim Hye-kyung walk to Air Force One at Seoul Airport in Seongnam on Monday before departing for the UN General Assembly and a state visit to Mexico. From left: President Lee, Kim, Chief of Staff Kang Hoon-sik and Senior Political Secretary Hong Ik-pyo. [Yonhap]
President Lee Jae Myung and first lady Kim Hye-kyung walk to Air Force One at Seoul Airport in Seongnam on Monday before departing for the UN General Assembly and a state visit to Mexico. From left: President Lee, Kim, Chief of Staff Kang Hoon-sik and Senior Political Secretary Hong Ik-pyo. [Yonhap]

President Lee Jae Myung said Tuesday that the notion of Gangnam real estate as an unbeatable investment — and South Korea's reputation as a "republic of real estate speculation" — would become a thing of the past. "It must," he added.

Lee made the remarks in a post on X, formerly Twitter.

The comments came a day after the Ministry of Land, Infrastructure and Transport unveiled the Lee administration's first residential welfare package, called the "Housing Stability Plan." The plan centers on supplying about 1.19 million public homes — including public rental and pre-sale units — by 2030. Some 920,000 of those units, or 77 percent, will be concentrated in the Greater Seoul metropolitan area. The plan also calls for a new "universal public rental" category allowing middle-income households to stay for up to 20 years, along with expanded jeonse rental support and monthly rent subsidies for young people.


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