Seoul Unveils Affordable Housing Initiative 

Taiwo Ajayi
2 Min Read

The Seoul Metropolitan Government revealed its initiative on Tuesday, aiming to provide economical housing options for residents aged 65 and older.

These residences, located near subway stations and medical facilities, will be offered at 30 to 85 percent of the local market prices.

Primarily targeting single-person and elderly couple households without property ownership, the plan diverges from the youth-focused housing scheme. Public housing will dominate, comprising 80 percent of the supply, with private housing making up the remaining 20 percent at 75 to 85 percent of the market price.

To further support private housing, the government plans to offer up to 60 million won ($45,000) in zero-interest loans for deposits. The strategically positioned residences, equipped with elderly-friendly technologies, will be within proximity to essential services.

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Han Byoung-young, the director of Seoul’s housing policy division, highlighted the inclusion of smart devices and safety features during the press briefing at City Hall.

In response to the shrinking population and changing demands influenced by the Covid-19 pandemic, the city government aims to secure approval for 3,000 housing units by next year. While focusing on older adults, the initiative will allocate over 50 percent of homes to them, with two-thirds designated for single-person households.

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Anticipating a super-aged society, the city plans swift action, seeking suitable locations for construction next month and aiming for residents to move in by 2027. The urgency is underscored by projections indicating a surge in single households aged 60 or higher, reaching 2.2 million by 2030.

“We plan to supply housing for older adults as soon as possible, considering that we are just anticipating entering a super-aged society,” stated Director Han Byoung-yong.

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