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Government’s support for Hanok construction sees limit

'최대 2억원 지원' 전국 한옥 열풍양적 확대 치중 우려도

Government’s support for Hanok construction sees limit

 

Koreans are now rushing to build Hanoks, which are traditional Korean style houses, as the government has unveiled new architectural technology and financial support.

 

According to government sources, over 50 local governments have come up with official ordinances that promote the construction of new hanoks.

 

The subsidies vary by region, but usually fall in the range of 10 million won to 80 million won, with the government typically supporting half, one third, or two thirds of the total cost of construction.

 

Jeollanamdo Province, which has been among the most active in supporting hanok construction, has expanded the maximum loans for new hanoks this year to a total of 200 million won including the government subsidies, and lowered the interest rate from 2 % to 1 %

 

Despite the investment amount of 86.5 billion won since 2007 for hanok village projects in Jeonnam, it is far from recouping its investment, as income from the villages topped out at 2.51 billion won in 2014 and has been declining ever since.

 

Experts claim that a more strategic approach to promoting the construction of hanoks is essential to make the best of the newly built houses.

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