99,000 homes break ground in greater Seoul; gov't eyes 80% of annual target

The government of South Korea reported that approximately 99,000 homes were broken ground in the greater Seoul area so far this year, falling short of the annual target by nearly 40 percent. The Ministry of Land, Infrastructure and Transport, along with the Office for Government Policy Coordination, released an updated housing supply outlook amid growing concerns over rising home prices and a tightening rental market in Seoul and surrounding regions.

The government has set a broader housing supply plan to begin construction on over 1.5 million homes between 2026 and 2030 to tackle supply shortages and alleviate upward pressure on property prices. For this year, the target is to start construction on 268,000 homes, including 62,000 public housing units. As of the second week of October, construction had begun on about 99,000 homes, representing 37 percent of the annual target, with a projected completion of between 218,000 and 235,000 units by year-end.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.