Yongsan Park to Gangnam-gu?…Where will 73,000 additional housing sites be located in the metropolitan area?

The government has announced a plan to secure 73,000 additional public land plots for housing within the year, with a particular focus on Seoul's urban areas due to concerns about the impact on residential property prices. The government's proposed plan includes the removal of development restrictions in greenbelt zones to secure land for housing projects.

However, the proposal has faced strong opposition from Seoul residents. The government aims to supply 23,000 new housing units by 2030 through the "Monthly Rental Fee and Housing Market Stabilization Measures" introduced last month. Despite this, the newly announced locations for new public housing sites in Seoul are limited to 2,700 units in areas such as Eum Jung and Banchang-dong in Gangseo-gu.

The government plans to announce the locations of the new public housing sites by September. These locations are expected to significantly impact the Seoul real estate market as they are considered key factors for housing stability. A previous government proposal to develop Seoul's public housing sites, including the potential for developing the Greenbelt, has faced strong opposition from the local government.

However, the government has the authority to revoke development restrictions in public housing areas, although this decision ultimately rests with the Ministry of Land, Infrastructure and Transport. The government has already taken steps to exclude the greenbelt area from the public housing quota, and any changes to the current development restrictions will require approval from the local government chief, although their consent is not mandatory.