Seoul:Ground has been broken for more than 99,000 homes in the Seoul metropolitan area, with the government targeting the start of construction for a total of 268,000 units by the end of the year. This is part of a larger plan to supply over 1.5 million homes in the next five years in this densely populated region, officials announced Friday.
According to Yonhap News Agency, the announcement was made during the launch of a twice-monthly briefing on the housing supply situation. The government, under President Lee Jae Myung, aims to stabilize home prices through massive housing supply and a crackdown on real estate speculation.
Kim Yong-soo, the second vice minister for government policy coordination, emphasized the government's determination to stabilize the real estate market through swift home supply since the announcement of the August 13 measures. He stated that the government is committed to ensuring the housing supply measures lead to actual construction and move-ins through collaborative efforts and on-site inspections.
The government plans to break ground for 1.5 million homes in the metropolitan area between 2026 and 2030, marking the largest housing initiative in a five-year period. Of these, construction for 268,000 units is expected to commence this year, with over 99,000 homes already underway as of the second week of October.
Kim also noted that a significant portion of construction starts is scheduled for the fourth quarter. The government will closely monitor the schedule and coordinate with relevant ministries to address key risks, such as potential challenges in securing financing or delays in obtaining permits.