South Korea Unveils Plan to Supply Over 230,000 Additional Homes in Seoul Metropolitan Area

By Kim Eun-jung

SEOUL, Aug. 13 (Yonhap) -- The government said Thursday it will push to supply more than 230,000 additional homes in the Seoul metropolitan area by accelerating development on public land, lifting some greenbelt areas and supporting private-sector projects, as part of efforts to rein in high housing prices.

The Ministry of Land, Infrastructure and Transport announced a comprehensive package aimed at expanding housing supply and stabilizing both the rental and sales markets, with a focus on Seoul and other high-demand areas in the capital region.

The latest measures build on the Lee Jae Myung administration's housing supply plan announced in September 2025, under which the government aims to start construction on 1.35 million homes in Seoul, Incheon and Gyeonggi Province by 2030.

Under that plan, the government has sought to accelerate housing construction on public land while making greater use of existing public assets and other underutilized land.

Of the additional supply announced Thursday, about 100,000 homes will come from newly designated public housing districts.

The new sites include 1,000 homes in the Gangseo district in Seoul, 21,700 homes in the Namyangju district in Gyeonggi Province and 4,500 homes in the Gwangju district in the province.

For newly designated housing sites, the government plans to significantly shorten the period from site announcement to the start of construction to 37 months from 68 months by introducing a fast-track development model.

The government will also accelerate previously announced plans to supply more than 60,000 homes on underutilized sites in Seoul and other well-connected areas, including a military golf course in Seoul and the former Defense Counterintelligence Command site and Seoul Racecourse in Gwacheon, south of Seoul.

The ministry set a goal of beginning construction by late 2029 on the golf course site in northern Seoul, where 6,800 homes are planned, after completing a review of the project's potential impact on nearby ancient tombs.

To speed up housing construction in urban areas, the government unveiled tax and financial incentives for private-sector projects and non-apartment housing, while easing regulations on private developers, which account for more than 80 percent of the housing supply in the Seoul metropolitan area.

"It is most important to lay a solid foundation for the housing supply to stabilize the housing market," Land Minister Kim Yun-duk said at a briefing at the government complex in Seoul.

"The government will do its utmost to ensure a timely and sufficient supply of homes in areas where people want to live, under the principle that the public sector will swiftly carry out projects where necessary while supporting the private sector in areas where it can perform better," Kim said.

The Seoul metropolitan government reiterated its opposition to lifting greenbelt restrictions for housing, maintaining that greenbelt areas should be preserved for future generations.

The city also expressed regret over the ministry's lack of adequate consultation prior to the latest announcement but noted that it was aligned with the government's broader drive to expand the housing supply.

It called for easing more regulations to boost supply, adding that further consultations are needed to work out the specifics of the housing projects.

The latest announcement comes as housing prices in Seoul and the surrounding areas have remained high, while concerns have persisted over the time lag between announced supply plans and the actual availability of new homes.

Combined with the earlier plan to begin construction on 1.35 million homes by 2030 and the additional supply measures announced in January and Thursday, the government's overall housing supply target will exceed 1.5 million units, according to the minister.

"What matters most is building market confidence," Kim said. "There may be skepticism over whether the government will actually carry out all of its plans, but many projects are already under preparation, and I believe their implementation will significantly help stabilize the housing market."