Gov't rolls out plan to supply 230,000 new homes in Seoul metro area

The government announced a plan on Thursday to construct over 230,000 new homes across the Seoul metropolitan area and the surrounding Gyeonggi Province. President Lee Jae Myung's administration is aiming to address the issue of escalating housing costs and rents. The initiative involves designating new public housing districts and building approximately 27,000 units in three key locations.

Western Seoul's Gangseo District will host around 1,000 new units, while Namyangju and Gwangju in Gyeonggi Province will receive approximately 21,200 and 4,500 homes, respectively. The construction at these three sites is expected to commence within three to four years, with the remaining sites to be disclosed as soon as feasible.

The government also revealed plans to expedite the construction of 89,000 homes already earmarked for development at locations such as the Taereung military golf course in Nowon District, Seoul, and Seoul Racecourse Park in Gwacheon, Gyeonggi Province. Additionally, the government aims to reduce the time required to begin construction on public housing sites from 68 months to 37 months by streamlining procedures.