Key facts
- Seoul plans to build 310,000 housing units by 2031.
- Construction has started on 15,000 units this year.
- The plan involves redevelopment and reconstruction projects.
Seoul Mayor Oh Se-hoon said Thursday that the city government intends to move forward with its housing supply plan, noting that construction has already commenced on 15,000 units this year. The municipality's objective is to initiate construction on 310,000 housing units by 2031, utilizing redevelopment and reconstruction projects to combat recent supply deficits that have fueled significant price increases. Oh stated during a parliamentary audit that the city has accelerated improvement projects through rapid integrated planning, emphasizing a commitment to easing on-site challenges and regulations to ensure a consistent housing supply. He also committed to addressing rental housing shortages by expanding private supply initiatives.