Gov't rolls out plan to supply 230,000 new homes in Seoul metro area
The government unveiled a plan Thursday to add more than 230,000 homes across Seoul and surrounding Gyeonggi Province, as well as accelerating construction of already planned housing units, as part of President Lee Jae Myung's struggling efforts to tame rising home prices and rents. The government will designate new public housing districts and construct approximately 27,000 units in three…
The South Korean government announced a plan on Thursday to construct over 230,000 new homes in the Seoul metropolitan area and the neighboring Gyeonggi Province. President Lee Jae Myung's administration is attempting to address the issue of escalating housing costs and rents. The government intends to designate new public housing districts and build approximately 27,000 units in three locations.
Western Seoul's Gangseo District will house about 1,000 units, while Namyangju and Gwangju in Gyeonggi Province will receive 21,200 and 4,500 homes, respectively.
The Ministry of Construction plans to commence construction at the three sites within three to four years and will announce the remaining locations as soon as possible. Additionally, the government will expedite the construction of 89,000 homes already scheduled for development at locations such as the Taereung military golf course in Seoul's Nowon District and Seoul Racecourse Park in Gwacheon, Gyeonggi Province.
The Ministry aims to reduce the construction timeline for public housing sites from 68 months to 37 months by streamlining procedures.
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- Gov't rolls out plan to supply 230,000 new homes in Seoul metro area koreatimes.co.kr
