14,558 units for youth, 3,398 for newlyweds

A view of the Korea Land and Housing Corporation headquarters [Newsis]
A view of the Korea Land and Housing Corporation headquarters [Newsis]

The Korea Land and Housing Corporation plans to supply more than 20,000 purchased rental housing units across Seoul's 25 districts over the next three years.

LH said Sunday it plans to recruit tenants for a total of 20,528 purchased rental units across the city.

By type, 14,558 units (70.9 percent) are designated for youth, 3,398 (16.6 percent) for newlyweds and 2,572 (12.5 percent) for other eligible applicants.

By district, the planned allocations include 1,920 units in Dongdaemun-gu, 1,900 in Guro-gu, 1,861 in Gangdong-gu and 1,638 in Gangseo-gu.

Purchased rental housing is a form of public housing in which LH buys newly built private homes after completion or acquires existing properties and leases them to youth, newlyweds and others at below-market prices. Tenants can move in within one to two years of ground-breaking, making the program an effective short-term housing supply tool in urban areas.

LH said applications for newly built purchased rental agreements in the greater Seoul area rose 63 percent after it introduced system improvements in July, including stronger upfront financial support for private developers. Of this year's contracted units, LH plans to break ground on at least 40,000 in the greater Seoul area and 10,000 in Seoul proper before year's end, with move-ins set to begin by the end of next year.

LH President Lee Seong-hun said the corporation would "intensively supply purchased rental housing in a short period in the greater Seoul area and Seoul for real-demand groups such as youth and newlyweds who can feel the difference, in line with the government's residential stability plan, by 2030."

LH currently manages 207,000 purchased rental units nationwide, including 113,000 in the greater Seoul area and 34,000 in Seoul.


yjsung@heraldcorp.com