Seoul to provide around 4,400 public housing for newlyweds

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Seoul to provide around 4,400 public housing for newlyweds

Published: 29 May. 2024, 19:14 Updated: 30 May. 2024, 23:52

CHO JUNG-WOO
cho.jungwoo1@joongang.co.kr

Seoul Mayor Oh Se-hoon speaks about a new housing scheme for newlywed couples during a press conference held at City Hall in downtown Seoul on Wednesday. [NEWS1]

Seoul will supply some 4,400 public housing units to newlywed couples over the next three years as part of its efforts to combat the city’s staggeringly low birthrate. Starting in 2026, the city will additionally supply 4,000 public housing units per year, which accounts for around 10 percent of couples who married in 2023.

“Seoul’s high housing and residential costs have been the biggest obstacles for newlywed couples to have children,” Seoul Mayor Oh Se-hoon said during a press conference at City Hall in central Seoul on Wednesday. Seoul’s birthrate remained at 0.55 percent in the fourth quarter of last year, the lowest among cities in the country.

The housing schemes announced on Wednesday include an expansion of an existing long-term public housing program that has been in place for the past 17 years. The scheme offers rental deposits around 80 percent below market price. According to the mayor, the supply of public housing has helped increase the city’s birthrate.

Couples who have registered their marriage within the past seven years or are expecting to register their marriage within the next six months are eligible for the public housing scheme.

Benefits for couples living in these houses will differ depending on the number of children they have.

Having one child will extend the rent period from 10 years to 20 years. Having two children will let couples stay in the housing with rent 10 percent cheaper than the market rate after they live there for 20 years, and couples with three children will get rent 20 percent cheaper after the same period.

Qualifications to live in these houses, including income level, will also be relaxed. According to the city government, families with children will be selected for larger houses with more than two rooms.

However, the benefits of extending the period of residence in these houses need to be further discussed with the Ministry of Land, Infrastructure and Transport.

The expanded scheme will kick off with the supply of 300 units at Olympic Park Foreon Apartments in Gangdong District in eastern Seoul later this year. Applications will open in July. A total of 2,396 public houses will be provided through 2026.

Another set of rental houses will be supplied to newlywed couples through 2026. These 2,000 houses will be constructed within 350 meters (1,148 feet) of subway stations.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]