Seoul eyes Green Belt, urban sites for 50,000+ new homes

South Korea's government is preparing to unveil a new housing supply plan, aiming to add over 50,000 units to the market, building on its earlier pledge of 60,000 units. This initiative is part of a broader strategy to stabilize the real estate market and address housing demand.

Key to the new plan is the potential release of land from the development-restricted Green Belt (Gureenbelteu) and the identification of underutilized urban spaces. While specific sites are still under review, areas like Naegok-dong in Seocho District and Bangi-dong near Olympic Park in Songpa District have been mentioned as possibilities. The Ministry of Land, Infrastructure and Transport is actively exploring all avenues to expedite housing construction.

Beyond Green Belt land, the government is scrutinizing urban areas for vacant sites. Potential locations include the Seoul Regional Public Procurement Service site in Seocho, the Korea Land and Housing Corporation's site in Yeouido, and the former Gwangjin District Office. These sites were previously considered in earlier housing supply plans.

To accelerate delivery, the government is focusing on shortening development timelines for major projects, including the "3rd New Cities" and sites like the Taereung Golf Course in Seoul and the Seoul Racecourse Park in Gwacheon. In the interim, before new apartments become available, the government plans to boost the supply of non-apartment housing. This includes expanding financial support for non-apartment construction and facilitating the conversion of vacant commercial and office spaces into residential units.

Financial authorities are also reviewing measures to improve housing supply conditions. This involves enhancing financial support for developers, particularly for non-apartment projects, and easing loan regulations for genuine homebuyers. The goal is to ensure that supply measures translate into actual housing availability for citizens.