Seoul's Housing Market Eyes Additional Land for 73,000 Units Amid Green Belt Dispute

Seoul's housing market is bracing for the government's planned announcement of an additional 73,000 housing units by the end of the year. This initiative aims to curb soaring property prices, but the proposed method of securing land, releasing protected green belt areas, has ignited strong opposition from the Seoul Metropolitan Government.

The government's broader plan includes supplying 230,000 homes by 2030. However, new housing projects within Seoul itself currently only account for 2,700 units. The upcoming announcement of new public housing sites, expected around September, is therefore seen as a critical factor for market stability. To preempt speculation, the government has temporarily designated 503.82 square kilometers of green belt areas in Seoul and surrounding 수도권 (Sudogwon, meaning the Seoul Metropolitan Area) as land transaction permit zones until the new sites are revealed.

Speculation is rife that green belt areas in Seoul's affluent Gangnam 3 districts (Gangnam, Seocho, and Songpa) will be included. Potential sites mentioned are the Naegok-dong reserve forces training center in Seocho, the Segok-dong and Jagok-dong areas and Suseo train depot in Gangnam, and areas near the Olympic 선수촌 (Seonsuchon, meaning Olympic Village) in Songpa. These locations are considered prime due to their proximity to Seoul's city center.

The Yongsan Park area has also emerged as a potential candidate. Minister of Land, Infrastructure, and Transport Kim Hyun-mee stated that the entire Yongsan Park, not just the Yongsan Children's Garden, could be considered for housing development. However, the Seoul city government has consistently opposed any development in Yongsan Park and the release of green belt zones. Despite Seoul's objections, the Ministry of Land, Infrastructure, and Transport holds the authority to de-designate green belt areas for public housing under the current law, requiring only consultation with the local government, not its consent.

This divergence in opinion raises questions about whether the central government might proceed with land designation unilaterally if consensus is not reached. Minister Kim acknowledged that the government should not proceed without Seoul's agreement but also stated that it cannot be paralyzed by the city's opposition. The government and Seoul city officials are scheduled to discuss housing supply measures this week. However, even if land is designated, the process of land acquisition, compensation, environmental impact assessments, and infrastructure development means actual housing availability is still a long way off. For example, the Seocho-gu Seoripul district, developed through green belt release in 2024, continues to face resident opposition regarding land expropriation and facility relocation.