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With land for housing running out, LH revives a 17-year-old option to buy sites in the Seoul region
Translated from Korean and summarized by DistantNews. Read the original for the full story.
At a glance
News
Official statement
New plan
- Korea Land and Housing Corporation will directly purchase privately and publicly owned land in the Seoul metropolitan area to secure public-housing sites.
- LH will accept applications from Sept. 29 for land measuring at least 3,300 square meters.
- The move marks the first public purchase of land for supply control since a related law took effect in 2009.
With suitable land for new homes becoming harder to secure, the Korea Land and Housing Corporation is bringing back a policy option that has remained unused for 17 years.
LH will directly buy land held by private owners and public institutions to secure candidate sites for public housing in the Seoul metropolitan area. It will begin accepting applications on Sept. 29 for sites of at least 3,300 square meters, or about 1,000 pyeong.
The purchase plan marks the first time that land designated for supply control will be bought publicly since the relevant law was enacted in 2009. The government and LH are turning to direct acquisition as they seek more land for housing in the capital region.
About this summary
Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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