Seoul to provide more low-cost housing to older residents

According to the city government on Tuesday, these residences will be offered at approximately 30 to 85 percent of the market price in the neighborhood. They will be located near subway stations and medical facilities.

A bird's eye view of buildings and apartment complexes seen from Namsan in downtown Seoul on Tuesday [NEWS1]

The Seoul Metropolitan Government announced on Tuesday its plan to provide more affordable housing for residents aged 65 or older.

According to the city government on Tuesday, these residences will be offered at approximately 30 to 85 percent of the market price in the neighborhood. They will be located near subway stations and medical facilities.

The scheme will be prioritized for single-person and elderly couple households at or over the age of 65 who do not own a house.

Unlike the city government’s public housing scheme for the youth, which offers apartments to residents between the ages of 19 and 39, public housing will comprise 80 percent of the residence supply, while private housing will comprise the rest.

Private housing will be offered at around 75 to 85 percent of the neighborhood's market price and public housing will be provided at about 30 to 50 percent of the neighboring residences’ market price.

The city government said it will offer as much as 60 million won ($45,000) in zero-interest loans for private housing deposits.

The residences will be built within 350 meters (1,148 feet) of subway stations, 50 meters from arterial roads, or 350 meters of hospitals.

These residences will also be equipped with technology and facilities tailored for older people, including smart devices connected to the IoT system and bars in bathrooms for residents to hold on to.

Han Byoung-young, director of Seoul Metropolitan Government's housing policy division, announces the city government's plan to provide affordable housing for those at the age of 65 and higher in a press briefing held at City Hall in downtown Seoul on Tuesday. [NEWS1]

A system that automatically sends emergency rescue alerts to the police and fire authorities will also be installed. Multiple programs to look after the health and wellness of older adults will take place at the residences.

The latest housing scheme comes as the capital’s population shrinks. The city government said the number of single households aged 60 or higher is forecasted to reach 2.2 million by 2030, up from 2015's 630,000.

The city government also paid attention to the changing demand of older adults for resident facilities — that shifted since the Covid-19 pandemic — who now ask for places with features such as provision of diverse community activities and accessibility from hospitals and subway stations in coming up with the scheme. The metropolitan government aims to obtain approvals of business plans for 3,000 housings by next year, following the legislation of the related ordinance by March.

However, on Tuesday, the city government added that these residences will not only be offered to older adults. Over 50 percent of the homes will be mandated to be provided to older adults, and over two-thirds of the total will be allocated to single-person households.

The city government will look for suitable areas to build such housing starting next month, aiming to let residents live in them as early as 2027.

“We plan to supply housing for older adults as soon as possible, as there is limited time to plan and construct them, considering that we are just anticipating entering a super-aged society,” said Han Byoung-yong, director of Seoul Metropolitan Government’s housing policy division.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]