The Ministry of Land, Infrastructure and Transport said on the 17th it will supply 1,400 Korea Housing & Urban Guarantee Corporation (HUG) Deundeun Jeonse Dwellings that allow all people without homes to live on jeonse for a long period at low cost and with peace of mind, without income or asset limits.
HUG Deundeun Jeonse Dwellings are dwellings that HUG itself acquires at auction after repaying the jeonse deposit on behalf of the landlord, then supplies on jeonse with a lighter burden for tenants. Because the landlord is a public entity, tenants can live for up to eight years with a deposit set at about 90% of surrounding market prices, without worrying about non-return of the jeonse deposit.
For the eighth round of recruitment for HUG's Deundeun Jeonse Dwellings, the target area has been expanded beyond the Seoul metropolitan area to Busan. The supply volume is 700 households, up 100 from the previous round (600 households). HUG will recruit an additional 700 Deundeun Jeonse Dwellings in December.
Since July last year, HUG has issued recruitment notices for a total of 1,550 Deundeun Jeonse Dwellings. As a result of supplying them in highly preferred locations in the Seoul metropolitan area, the average competition rate reached 90 to 1, with a peak of 4,087 to 1, drawing strong interest.
Prospective tenants can check detailed information on the recruited dwellings via the HUG Safe Jeonse Portal starting on the 19th and then apply for move-in online. After verification, including whether applicants are without homes, HUG plans to announce the final winners on Dec. 11.
Kim Heon-jeong, director of housing policy at the ministry, said, "Because HUG Deundeun Jeonse Dwellings are highly preferred by tenants, in the fourth quarter we plan to increase supply and shorten the time it takes to select tenants compared with before," adding, "Going forward, to ensure Deundeun Jeonse Dwellings in preferred urban locations can be supplied more quickly to more people without homes, we plan to boost supply speed through institutional improvements such as shortening auction procedures."