Lessons From President Moon Jae In’s Housing Policy and The Road to Affordable Home Ownership in Seoul, South Korea

Abstract

A fundamental goal of housing policy is to provide a safe and quality place to live for the population. This thesis studies the provision of affordable homeownership in Seoul, South Korea and particularly for non-homeowners and first-time buyers who did not have an opportunity to participate in the housing boom that the previous generations experienced. For Seoul, 58% of the population is non-homeowners. First, this thesis provides a brief introduction to the Korean housing history. Second, it discusses the housing policy under President Moon Jae In, and how housing prices soared under his administration due to misguided efforts. Finally, it describes the necessary path towards mitigating the housing affordability crisis that has been created in Seoul using both supply and demand side arguments.