Gov't aims to supply over 230,000 additional homes in Seoul metropolitan area to tame housing prices

Seoul's government announced Thursday ambitious plans to add over 230,000 new homes to the city's metropolitan area, aiming to curb soaring housing prices. The Ministry of Land, Infrastructure and Transport unveiled a comprehensive strategy focused on increasing housing supply through public land development, relaxing greenbelt restrictions, and supporting private-sector projects. The package aims to expand housing availability in the capital and other high-demand regions of the Seoul metropolitan region.

These measures follow the Lee Jae Myung administration's housing supply plan, announced in September 2025, which targets the construction of 1.35 million homes in Seoul, Incheon, and Gyeonggi Province by 2030. The plan seeks to accelerate housing construction on public land and make greater use of existing public assets and underutilized land.

In January, an additional urban housing supply plan was introduced, setting a goal of constructing 60,000 homes on underutilized sites within high-demand urban locations, such as a military golf course and former Defense Counterintelligence Command site, as well as Seoul Racecourse in Gwacheon, south of Seoul.

Despite these efforts, housing prices in Seoul and surrounding areas remain elevated, and concerns persist about the time gap between announced supply plans and the actual availability of new homes. Of the new housing supply announced Thursday, approximately 100,000 homes will arise from newly designated public housing districts. These new locations include 1,000 homes in the Gangseo district of Seoul, 21,700 homes in the Namyangju district of Gyeonggi Province, and 4,500 homes in Gwangju district.

To expedite housing construction, the government also unveiled support measures for private developers, who comprise more than 80 percent of the housing supply in the Seoul metropolitan area. These measures include financial and tax incentives for non-apartment housing and eased regulations for private-sector development projects.

Land Minister Kim Yun-duk emphasized the importance of establishing a solid foundation for housing supply to stabilize the housing market, stating that the government will make every effort to ensure a timely and sufficient housing supply in areas where people desire to live, adhering to the principle that the public sector will swiftly execute projects when necessary, while supporting the private sector in areas where it can excel more effectively.