"The correlation between housing policies and birth rates."

When we compare housing policies between South Korea and Singapore, clear differences emerge. In Singapore, there are significant benefits provided to low-income newlywed couples when purchasing a home. In contrast, South Korea is primarily focusing on enhancing benefits for single-person households. Let's explore these differences in housing policies between South Korea and Singapore, along with the insights provided by Professor Lee Kwan-ok from the National University of Singapore regarding Singapore's housing policies.

 

This comparison of the two countries' housing policies underscores the need for discussions on which approach is more effective in tackling the problem of declining birth rates.

 

Singapore's Housing Policy: Striking Benefits for Newlywed Couples

Professor Lee Kwan-ok, from the Department of Real Estate at the National University of Singapore, emphasizes the importance of prioritizing newlywed couples in Singapore's housing policies to address the issue of declining birth rates. He explains that Singapore's housing policies offer more incentives to married households than to single-person households. As a practical example, he mentions that newlywed couples can receive substantial financial support, with grants of up to 80,000 Singapore dollars (approximately 80 million Korean won). These incentives encourage young adults to consider marriage more actively, resulting in a gradual increase in Singapore's birth rates.

 

Additionally, Professor Lee highlights that in Singapore, even those who are single and under the age of 35 cannot purchase public housing, and for those above 35, there are restrictions on the type of housing they can acquire. These policy restrictions aim to promote marriage and provide greater benefits to newlywed couples, contributing to efforts to address the issue of declining birth rates.

 

South Korea's Housing Policy: Focus on Single-Person Households

On the other hand, South Korea has been strengthening housing policies primarily aimed at single-person households. In September 2021, the Korean government amended the "Regulations on Housing Supply" to allow unmarried single-person households to apply for housing supply programs. This initiative aims to provide housing opportunities even for single individuals.

 

Lessons from Singapore's Housing Policy

Professor Lee suggests that there are valuable lessons to be learned from comparing housing policies between Singapore and South Korea. He mentions that Singapore also faced a trend of delayed marriage alongside the increase in dual-income households. To address this issue, Singapore consistently implements family-friendly policies focused on couples. Furthermore, while there may be grievances among single individuals in Singapore, it is essential for society to consistently implement housing policies in alignment with its chosen direction. Professor Lee underscores that focusing excessively on supporting youth housing may not effectively address the problem of declining birth rates.

 

Singapore and South Korea adopt different approaches in their housing policies when it comes to addressing the issue of declining birth rates. Singapore prioritizes newlywed couples, providing substantial incentives for them to purchase homes, leading to an increase in young adults considering marriage. Meanwhile, South Korea's policies primarily target single-person households, and the impact on birth rates remains uncertain. This comparison of the two countries' housing policies underscores the need for discussions on which approach is more effective in tackling the problem of declining birth rates.