South Korea’s Transport Ministry sets 69 trillion won budget, with 300 billion won for public housing

South Korea plans to supply 218,000 public housing units next year under a 69 trillion won budget proposed by the Ministry of Land, Infrastructure and Transport.

The ministry said 30 trillion won would go toward public housing. The total includes 172,000 public rental homes, 34,000 public-sale units and 12,000 publicly supported private rental homes.

The plan sets aside 6.2 trillion won for general public rental housing. The homes will be built near stations in the third-generation new towns and central Seoul, with looser income restrictions than existing public rentals. The supply will also include medium-sized units of roughly 30 pyeong.

Of the 36,000 general public rental homes planned near rail stations in the capital region, 20,000 will be reserved for young people without homes, including newly married couples. The ministry said the arrangement is intended to help young people who struggle to raise rental deposits and will allow residents to stay for an initial six years.