South Korea Expands Housing Supply Plan to Address Price Pressures
South Korea: The government has announced plans to supply more than 230,000 additional homes in the Seoul Metropolitan Area as part of measures to address high housing prices. The initiative includes accelerating development on public land, utilising underused sites and supporting private sector projects. Around 100,000 homes will be developed through newly designated public housing districts, including projects in Seoul and Gyeonggi Province. The government also plans to reduce the development timeline for new housing sites to 37 months from 68 months through a fast-track process. Additional supply will come from previously identified sites, including redevelopment of land such as a military golf course and other state-owned properties, with construction targeted to begin by 2029 in selected locations.
The measures build on an earlier plan to start construction on 1.35 million homes across Seoul, Incheon and Gyeonggi Province by 2030, with the total housing supply target now exceeding 1.5 million units. The government has also introduced tax and financial incentives to support private developers, who account for a large share of housing supply in the region. The Seoul city government has raised concerns regarding the easing of greenbelt restrictions and called for further consultation on project details. The announcement comes amid continued pressure on housing prices and concerns over delays between project approvals and the delivery of new homes.
Source: UPI
