THE SOUTH KOREAN HOUSING SYSTEM
LEE SHIN CHIEH
LEE SHIN CHIEH
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Abstract
The Korean housing system is examined from the period when President Park Chung-Hee
became the president in 1961, till after the Asian Financial Crisis in 1997
Korea has been very successful in its macroeconomic achievements and has achieved the
status of the Newly Industrialised Economies (NICs) within a time span of less than 40
years. Although it has done well in terms of economic performance, it has performed
relatively poorly in the provision of the housing as it continues to suffer from chronic
housing shortage
An examination of the individual components of the housing system, namely the housing
policies, housing institutions, housing finance and the housing programs will indicate why
Korea is still suffering from the problem. From the low priority given during President
Park's reign, the housing system has slowly gained more prominence during the
transitional period, but the Asian financial crisis has caused a hiccup to the housing system
as affordability has became another problem for low-income households.
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Date
2000
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