SEOUL, April 7 (Yonhap) -- The government will take measures to foster the growth of the modular housing market as part of efforts to boost the ailing construction industry, the finance ministry said Monday.

The government will triple the order of modular homes for public rental services to 3,000 by 2026 from 1,000 last year, and provide incentives for public-owned rental houses built with the modular construction method, according to the Ministry of Economy and Finance.

Modular homes refer to prefabricated homes built in a factory for on-site assembly. They are known to reduce the average construction period by up to 30 percent and provide other benefits, such as improved productivity and a decrease in safety accidents.

The value of the domestic modular home market has expanded to 805.9 billion won (US$550.9 million) in 2023 from 32.4 billion won in 2019, according to the ministry.

nyway@yna.co.kr