Housing Crisis Versus Housing Boom

2025.11.4.
http://www.mfa.gov.kp/view/article/23539
In Europe, prices of dwellings have risen by more than 20% over the last ten years, resulting in a housing crisis, which, in turn, is snowballing into a moral and social crisis that affects human dignity and essential values, far exceeding the scope of a market crisis following the imbalance between demand and supply.

The point is, Europe is unable to cope with it since dwellings that are supposed to be meant for means of ensuring one of the fundamental human rights – the right to residence, are falling victim to commercial speculation and profit-making there. No wonder even a senior official from the European Commission said that the housing crisis will impact on all generations across Europe.

In the DPRK, however, the housing issue is given top priority by the Party and the State as a matter of utmost importance in stabilizing people’s livelihood and proactive measures are being taken to that end.

A decision was adopted by the Eighth Congress of the Workers’ Party of Korea to make the first homeless-free country out of the DPRK and the State channels an enormous amount of finance and labour into building modern dwellings to be allocated to working people free of charge.

Ten thousand dwellings are built annually in the capital city of Pyongyang to be provided free of charge to the working people and other local and rural areas are also witnessing joyous housewarmings all the year round in connection with epochal transformations for local and rural rejuvenation.

In contrast to the housing crisis in Europe where the right to housing is not universal but meant for a privileged few, people are enjoying housing boom in the DPRK as they settle in modern dwellings built at the expense of the State, which foretells a fundamental change in the living condition of our people in the near future and all the people will enjoy the highest level of civilization in our country.