The Korea Construction Industry Research Institute pointed out that the recovery of the private housing market is essential to achieve the government's goal of supplying 294,000 housing units annually in the metropolitan area. The number of housing units started construction exceeding 294,000 per year has been only four years in the past 16 years, and the construction performance in the first half of this year in the metropolitan area was only 24% of the target. The institute emphasized the need for effective demand stimulation measures to secure private developers' funding capacity, resolve bottlenecks in public housing sites, and prepare measures to improve the profitability of urban renewal projects. It concluded that the success of the August 13th measures depends on the coordination between policies and the speed of swift project implementation.
