Democratic Party Considers Introducing 'Modular Housing' to Increase Non-Apartment Supply and Shorten Construction Period

The Democratic Party's Housing Market Stabilization Task Force (TF) held its first meeting on the 12th and announced plans to increase the supply of non-apartment housing and introduce modular construction methods to reduce construction time. Modular construction, which involves assembling prefabricated components manufactured in factories at the construction site, can shorten the construction period by up to 30%.

Policy Committee Chair Han Jeong-ae reviewed overall real estate policies during the meeting, held ahead of the government's announcement on the 13th regarding rapid housing supply measures and comprehensive financial countermeasures. In her opening remarks at the meeting, Chair Han emphasized the need for execution that the public can actually feel and the early stabilization of the housing market.

The Democratic Party expressed its determination to overcome opposition from the People Power Party and pass follow-up bills to the September 7 supply measures, such as the Urban Regeneration Act and the Public Housing Special Act, within the August session.