Key facts
- South Korea's government will supply over 230,000 additional homes in the Seoul metropolitan area.
- The plan aims to curb high housing prices and stabilize rental and sales markets.
- New supply will come from public housing districts, underutilized land, and private sector projects.
- Development timelines for new housing sites will be significantly shortened.
- The government will offer tax and financial incentives to private developers.
The South Korean government has announced plans to supply over 230,000 additional homes in the Seoul metropolitan area as part of efforts to control soaring housing prices. The Ministry of Land, Infrastructure and Transport detailed a package that includes accelerating development on public land, easing restrictions on greenbelt areas, and providing support for private sector projects.
These new measures build upon a previous plan to start construction on 1.35 million homes in the capital region by 2030. Of the newly announced supply, approximately 100,000 homes will be developed in newly designated public housing districts. The government also intends to significantly reduce the time from site announcement to construction start, aiming for a 37-month timeline compared to the previous 68 months through a fast-track development model.
Additionally, plans to supply over 60,000 homes on underutilized sites, including a military golf course in Seoul, will be accelerated. To further boost construction, the government will introduce tax and financial incentives for private developers and ease regulations, acknowledging their significant role in the Seoul metropolitan area's housing supply.
Land Minister Kim Yun-duk emphasized the critical need for a solid foundation in housing supply to stabilize the market, pledging government efforts to ensure timely and sufficient delivery of homes. The announcement comes amid persistent high housing prices and concerns about the gap between announced plans and actual housing availability.