SUWON — Gyeonggi Province is reviewing new housing policy models aimed at easing the housing cost burden on young adults and newly married couples. The goal is to explore a so-called "Gyeonggi-style fair housing model" that would allow people priced out of homeownership by high prices and housing costs to live long term at an affordable cost while also building assets.
The province said on the 14th that it will carry out a study titled "Introducing a Gyeonggi-Style Housing Model for Fair Housing for Young Adults and Newlyweds" as a short-term policy project of the Gyeonggi Research Institute, running from this month through the end of the year. The study was prepared on the assessment that existing housing supply methods alone have limits in steadily delivering homes at prices young adults and newlyweds can afford.
The study will cover land-lease housing, in which the public sector retains ownership of the land and only the buildings are sold. It will also examine public-led housing models operated in South Korea and abroad, including profit-sharing arrangements, equity-accrual housing and long-term public rental housing. The province plans to analyze the structure and operating cases of each model to determine which approach suits local conditions.
Key review items include the sale price of the homes, the length of time residents can stay and the way assets are accumulated. The study will compare how much initial purchase costs can be lowered, whether long-term residential stability can be secured and whether occupants can build assets over time. The aim is to draw up specific operating plans that can be applied to Gyeonggi Province's housing market and business environment.
Based on the findings, the province will assess the feasibility of a Gyeonggi-style housing model and also examine ways to apply it on a pilot basis in connection with housing projects run by Gyeonggi Housing & Urban Development Corporation (GH).
"What young adults and newlyweds need goes beyond simply expanding supply — it is about widening the options for living stably at an affordable cost while building assets," said Lee Myung-sun, head of the province's spatial strategy division. "We will closely review whether a model suited to Gyeonggi's conditions can lead to an actual project."
