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Housing policy in the Republic of Korea

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  • Housing policy in the Republic of Korea
  • Kim, Kyung-Hwan; Park, Miseon
  • Asian Development Bank Institute


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Title Housing policy in the Republic of Korea
Similar Titles
Material Type Reports
Author(English)

Kim, Kyung-Hwan; Park, Miseon

Publisher

Tokyo:Asian Development Bank Institute

Date 2016-04
Series Title; No ADBI Working Paper Series / 570
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Others
Government and Law < Public Administration
Holding Asian Development Bank Institute

Abstract

This paper evaluates housing policy in the Republic of Korea over the past several decades, describes new challenges arising from the changing environment, and draws lessons for other countries. The most important goals of the housing policy have been to alleviate housing shortages and to stabilize housing prices. To achieve these goals, the government has been engaging the private sector while establishing public sector institutions and legal framework, providing developable land, and allocating housing units to intended target groups. Thanks to the sustained and massive provision of new housing since the 1980s, the country’s absolute housing shortage has been resolved, and overall housing conditions have improved substantially. Since the turn of the new millennium, enhancing the housing welfare of low-income households and the underprivileged has been added to housing policy goals. (The rest omitted)

User Note

Kyung-Hwan Kim is Vice Minister, Ministry of Land, Infrastructure and Transport (MOLIT), Government of the Republic of Korea. Miseon Park is an Associate Research Fellow, Korea Research Institute for Human Settlements (KRIHS). An earlier draft of this paper was presented at the ADBI workshop on Housing Policies in Emerging Asia in May 2015. The authors acknowledge the valuable comments and suggestions from Sock-Yong Phang, Singapore Management University, and Matthias Helble, ADBI. The views expressed in this paper do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published