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🇰🇷 South Korea /Economy & Trade

South Korea to announce plan for over 50,000 new homes in Seoul area

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • The South Korean government plans to announce a new real estate supply plan, including over 50,000 new housing units in the Seoul metropolitan area.
  • President Lee Jae-myung has urged for accelerated construction schedules for projects like the Taereung Golf Course and Gwacheon Racecourse.
  • This new plan, combined with previous measures, aims to supply a total of 110,000 housing units.

South Korea's government is poised to unveil a significant real estate supply initiative, potentially as early as next week, aiming to provide over 50,000 new housing units in the Seoul metropolitan area. This move signals a continued effort to stabilize the housing market through increased supply.

We are preparing a real estate plan that includes a new supply of over 50,000 units in the Seoul metropolitan area.

— Ruling party officialConfirming the upcoming announcement of a new housing supply plan.

President Lee Jae-myung has reportedly pushed for expedited timelines for key development projects, including the Taereung Golf Course and the Gwacheon Racecourse. These projects are part of a broader strategy to increase housing availability in the capital region. A high-ranking official from the ruling party confirmed that preparations for the new supply plan are about 90% complete, with an announcement expected soon.

If implemented as planned, this new package of 50,000 units will add to the 60,000 units announced in a previous policy in January, bringing the total planned supply to 110,000 units. The government is holding inter-ministerial meetings, including officials from the Ministry of Economy and Finance and the Ministry of Land, Infrastructure, and Transport, to finalize the details.

Please convene a meeting of relevant ministers as soon as possible to check the supply plan.

— President Lee Jae-myungInstructing ministers to expedite the review of the real estate supply measures.

To secure land for these new homes, the government is reportedly exploring options beyond existing housing sites, including the potential release of some green-belt areas and the utilization of state-owned land, such as military facilities near subway lines. Specific candidate sites in Seoul mentioned include the Ye-bi-gun training center in Naegok-dong and the Suseo vehicle depot in Suseo-dong. The acceleration of construction for projects like the Taereung Golf Course, originally slated for 2029, is also under consideration.

We are preparing supply measures by partially releasing the green belt and utilizing areas near subways and state-owned military facilities.

— Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheolExplaining the government's strategy for securing land for new housing developments.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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