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

Construction has commenced on approximately 99,000 homes in the greater Seoul area this year, falling short of the annual target by over 40 percent, according to the government's report released on Friday. The Ministry of Land, Infrastructure and Transport, along with the Office for Government Policy Coordination, unveiled an updated housing supply outlook amid rising concerns over escalating home prices and a tightening rental market in Seoul and its surrounding regions.

Earlier, the government unveiled a comprehensive housing supply plan, aiming to commence construction on over 1.5 million homes between 2026 and 2030 to tackle supply shortages and alleviate property price pressures. For the current year, the government has set a target to start construction on 268,000 homes, comprising 62,000 public housing units.

As of the second week of October, about 99,000 homes had begun construction, representing roughly 37 percent of the annual target, as per the ministry's data. Despite the slow progress, the government anticipates that between 218,000 and 235,000 units will break ground by the end of the year.