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Housing Shortage for Single-Person ouseholds

17:21 January 05, 2017 replay time01:58

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[Anchor]

Indiscriminate sales of apartments by construction companies has raised concerns of excessive supply, but single-person households are ironically experiencing a housing shortage.

Concerns are being raised that different forms of housing should be provided to suit changing lifestyles.

Lee Gyeong-tae has more.

[Reporter]

This is a two-story house in Jagok-dong, Gangnam-gu, Seoul.

Single people have rented each of the six rooms here and live together.

The monthly rent is about 500,000 won, half of what a nearby one-person officetel costs.

This is a new trend that has arisen due to excessively expensive rent for young people living alone.

According to the National Statistical Office, as of November 2015, there were 5.2 million one-person households, constituting 27.2% of all households.

It has become the most common type of household in Korea, followed by households comprised of two to four people.

However, of all the apartments sold from 2007 to 2015, only 29.3% were small apartments of 60 square meters or less.

As households with two to three people have also crowded into smaller apartments, housing prices have gone up, and one-person households are now facing a housing shortage.

Apartments scheduled for moving in this year number at 370,000, the highest number in a decade. The number will increase to 420,000 next year.

The Ministry of Land, Infrastructure, and Transport expects that, from this year to next year, the sales of new apartments will be higher than the demand by about 250,000 houses.

The mismatch between the excessive supply of houses and shortages for one-person households has become a new concern in Korea's housing market.

Many are urging for the supply of houses to correspond to changing household forms, and for institutional reforms to support such changes.

Lee Gyeong-tae reporting for Yonhap News TV.

Yonhap News TV: 02-398-4441 (Report) 4409 (Inquiry on article), KakaoTalk/LINE jebo23

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