South Korea to include redevelopment, reconstruction in property supply plan

South Korea's government is reportedly preparing to unveil a new real estate supply plan this week, which is expected to feature measures aimed at revitalizing redevelopment and reconstruction projects. This move comes after President Lee Jae-myung previously expressed concerns that such urban renewal initiatives do not substantially increase the number of available housing units.

During a presidential meeting on real estate supply strategies, President Lee reportedly questioned the effectiveness of redevelopment and reconstruction in boosting housing stock. "Is redevelopment and reconstruction also possible (as a supply measure)?" he asked, according to a government official. The president emphasized the need for a "groundbreaking" supply plan, prompting discussions on potentially easing some existing regulations for these projects.

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Is redevelopment and reconstruction also possible (as a supply measure)?

Officials indicated that given the scarcity of new land for development, the administration is exploring a comprehensive range of options. The focus is on finding ways to increase housing supply through various means, including potentially relaxing some of the current restrictions on reconstruction projects. The exact details of the proposed regulatory changes are still under discussion.

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Realistically, as new sites are scarce, we will consider a comprehensive range of measures.