Seoul:Construction has commenced on approximately 99,000 homes in the greater Seoul area this year, which represents less than 40 percent of the annual target set by the government. It is projected that only about 80 percent of the goal will be achieved by the end of the year, according to a statement released on Friday.
According to Yonhap News Agency, the Ministry of Land, Infrastructure and Transport, together with the Office for Government Policy Coordination, provided an updated outlook on housing supply. This update comes amid increasing concerns over rising home prices and a tightening rental market in Seoul and its surrounding regions.
The government had previously outlined a comprehensive plan to tackle housing shortages and curb rising property prices by initiating construction on over 1.5 million homes between 2026 and 2030. For the current year, the target was set to start construction on 268,000 homes, including 62,000 earmarked for public housing.
As of the second week of October, the ministry reported that construction had begun on about 99,000 homes, which amounts to only 37 percent of the annual target. Despite this slow progress, the government anticipates that between 218,000 and 235,000 units will begin construction by the end of the year, reaching approximately 81 to 88 percent of the targeted figure.
In an effort to boost housing supply, the government plans to enhance public housing projects, acquire privately constructed homes for public purposes, and accelerate redevelopment initiatives in existing residential zones.