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Housing Policy in the Republic of Korea

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  • Kyung-Hwan Kim
  • Miseon Park

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 supply of public rental housing was increased, and a housing benefit was introduced to address the new policy goal, but more work needs to be done. Today, the Republic of Korea also faces new housing challenges regarding the country’s demographic and socioeconomic changes.

Suggested Citation

  • Kyung-Hwan Kim & Miseon Park, 2016. "Housing Policy in the Republic of Korea," Working Papers id:10751, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:10751
    Note: Institutional Papers
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    References listed on IDEAS

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    8. Bertrand Renaud, 1989. "COMPOUNDING FINANCIAL REPRESSION WITH RIGID URBAN REGULATIONS: Lessons of the Korean Housing Market," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 1(1), pages 3-22, January.
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    Cited by:

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    2. Fabrizio M. Amoruso & Udo Dietrich & Thorsten Schuetze, 2019. "Integrated BIM-Parametric Workflow-Based Analysis of Daylight Improvement for Sustainable Renovation of an Exemplary Apartment in Seoul, Korea," Sustainability, MDPI, vol. 11(9), pages 1-29, May.
    3. Lo Duca, Marco & Hallissey, Niamh & Jurca, Pavol & Kouratzoglou, Charalampos & Lima, Diana & Pirovano, Mara & Prapiestis, Algirdas & Saldías, Martín & Tereanu, Eugen & Bartal, Mehdi & Giedraitė, Edita, 2023. "The more the merrier? Macroprudential instrument interactions and effective policy implementation," Occasional Paper Series 310, European Central Bank.
    4. Park, Jongmun & Yun, Sun-Jin, 2022. "Social determinants of residential electricity consumption in Korea: Findings from a spatial panel model," Energy, Elsevier, vol. 239(PE).
    5. Aida Caldera Sánchez & Alain de Serres & Filippo Gori & Mikkel Hermansen & Oliver Röhn, 2017. "Strengthening economic resilience: Insights from the post-1970 record of severe recessions and financial crises," OECD Economic Policy Papers 20, OECD Publishing.

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