Stepping up support for singles via cheaper co-living units

The Seoul government will provide more affordable rental housing for single people in the form of co-living spaces, as the number of solo households in South Korea rapidly increases.

The rooms will be offered at rates up to 50% cheaper than market rates, with six-year leases for people from age 19 to 39 and maximum 10 years for people over 40, according to a statement from the Seoul Metropolitan Government.

The units will be built in sites that are located near subway stations, major roads and health care facilities to meet demands from different groups of people.

The city government will give incentives to developers to build such homes, including relaxing the floor area ratio cap to as much as 500% by adjusting current zoning regulations.

“Two out of five homes will be a one-person household in Seoul in 2030, and it’s just five years away,” Byeongyong Han, head of the Office of Housing Policy at the Seoul Metropolitan Government, said in the statement. “It’s time to implement housing support for single-person households.”

Single people now make up over a third of the South Korean capital’s households, as fewer people get married and a rapidly ageing population means many older people are living by themselves.

Solo households are expected to make up the majority of the households by 2050, according to Statistics Korea. — Bloomberg

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

Vietnam urged to build legal corridor for AI industry
China reveals Shenzhou-18 crew will experiment on raising fish in space
Don’t empty Bank of Agriculture's coffers for digital wallet scheme, warns Thai central bank
S$3bil money laundering accused Su Baolin handed three new charges
Thailand proposes Asean meeting on Myanmar conflict
'So hot you can't breathe': Extreme heat hits the Philippines
Asian FX gain as dollar droops, stocks track Wall Street higher
Repeat offender known to touch women’s feet charged with molestation
Copter tragedy: Victims to be accorded military honours
Lao health ministry warns of dangerous air pollution

Others Also Read