South Korea plans to supply about 90,000 rental housing units for young people in the greater Seoul area by 2027 in a bid to ease housing shortages and enhance living conditions, Yonhap News reported Friday, citing Finance Minister Koo Yun-cheol.
Out of the total, 66,000 units will be situated in regulated zones. The government will focus on non-apartment housing that can be supplied at a faster pace. These will comprise multifamily homes and compact studio units, the report said.
The government also plans to expand modular construction methods to shorten project timelines and lower financial burdens on developers, it said.
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