"What if you can't afford an apartment?"... Non-homeowners need to study 'this' [Jip Nawara Ttukttak!]

[Financial News] Although the government is reaffirming its commitment to expanding housing supply in the Seoul metropolitan area, controversy over its effectiveness persists. Furthermore, as the "triple surge" in sales, jeonse, and monthly rents continues, many non-homeowners in their 20s and 30s are confused about "when and where" to buy a home.■ "Supply measures lack a concrete blueprint... Yongsan is not subject to discussion"Kim Jae-kyung, a redevelopment and reconstruction expert at Tumi Real Estate Consulting, appeared on the YouTube channel 'Jip Nawara Ttukttak!' on the 4th and discussed realistic strategies for buying a home.
First, regarding the government's 'August 13 supply measures,' Dr. Kim pointed out, "There is some supply, but the concrete blueprint that people truly want is missing." He also criticized the fact that previously announced supply measures have failed to materialize. Although approximately eight years have passed since the first candidate sites for the Third New Towns were announced in 2018, the first housing units have yet to be occupied. The Seocho Seoripul district also set a goal of holding its first presale in 2029, but is facing difficulties due to strong opposition from residents over the compulsory land acquisition method.
He also expressed doubts about the government's proposed deregulation and financial support measures for non-apartment properties such as villas and officetels. Given that the average sale price of apartments in Seoul is approaching 1.6 billion won, he argued that increasing the supply of non-apartment properties instead of apartments, where demand is concentrated, misses the key point. Dr. Kim stated, "People do not buy villas because they do not want them," adding, "Villas in redevelopment areas are purchased as a form of 'right to move in' that may allow buyers to receive a newly built apartment later, or are occupied as an unavoidable place to live. It is not because villas themselves are highly preferred as residences."■ "Non-homeowners must study diligently to buy a home"He also took a firm stance on the recently controversial proposal to supply youth rental housing within Yongsan Park. He said, "This isolated space, with its painful history of having been occupied by foreign forces for 150 years, must be fully returned to the people," and criticized the distortion of the issue involved in labeling opponents as "anti-youth" under the pretext of providing housing for young people. His position is that housing supply within Yongsan Park should not even be subject to discussion.
To people in their 20s and 30s who are wondering whether to postpone buying a home and wait for future government supply, Dr. Kim advised them to "buy as soon as possible, no matter what." He diagnosed that, as current government policies focus on pressuring multiple-home owners, the jeonse and monthly rental market in which non-homeowning young people live is instead becoming more unstable.
Dr. Kim added, "Unless you have a housing subscription score in the 60s or 70s, or a clear advantage in public housing subscriptions or special allocations for newlyweds or families with multiple children, you must not simply wait. New construction would be best, but if your budget is insufficient, buy an older property; and if you truly cannot afford that, buy a villa to secure housing stability."
He emphasized that redevelopment and reconstruction projects, which can substitute time for money, may be realistic alternatives, especially for young people. However, he warned that properties sold by developers who mislead young people by making them appear likely to undergo redevelopment could become a "game of hot potato" and must be carefully screened out. He also urged them, "Do not rely on vague hopes or unrealistic information. Study diligently how the market is moving and make a firm decision within the limits of your budget."

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