South Korean PM chairs real estate forum, vows 'precision support' for youth housing

South Korean Prime Minister Han Duck-soo chaired a national forum on real estate policy, emphasizing the government's commitment to addressing the housing challenges faced by young people. The two-and-a-half-hour discussion, held at the Korea Chamber of Commerce and Industry in Seoul, followed a similar forum led by President Lee Jae-myung just four days prior.

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Ultimately, it's both. Our ultimate goal is to create a housing system that allows our youth to have stable housing and, based on that, can become a housing ladder.

During the forum, young attendees raised critical questions about the government's housing policy goals. One student asked whether the objective was solely stable rental housing or the construction of a 'housing ladder' leading to homeownership. Minister of Land, Infrastructure and Transport Kim Hyun-mee responded that the ultimate goal is to create a housing system that provides both stability and a pathway to ownership for young Koreans.

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As the Prime Minister overseeing the administration, I feel a great sense of responsibility and burden on how to solve your difficulties and concerns about real estate.

Prime Minister Han acknowledged the difficulties and responsibilities associated with resolving real estate issues. He noted the diverse situations and needs of various groups, including youth, newlyweds, the homeless, multi-home owners, rental business operators, and tenants. Han stressed that despite these differences, the housing problem must be solved.

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We will carefully refine the criteria for separating households and support requirements for 'kangaroo족' youth.

The government highlighted its focus on youth housing solutions, including addressing the 'marriage penalty' – disadvantages faced by couples after marriage in areas like housing applications, loans, and taxes. Approximately 12 such issues have been identified and will be addressed soon. The forum also heard proposals for supporting 'kangaroo족' (young adults living with parents) by adjusting income and support criteria based on individual earnings. Additionally, a suggestion was made to mandate that private developers allocate 10-20% of units to young people in exchange for zoning incentives. The government pledged to refine criteria for actual residents, single-home owners, and high-priced homes, and to hold more localized and topic-specific forums.

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The youth need not just cheap housing, but predictable housing.