SEOUL – In a recent interview, Land Minister Park Sang-woo committed to stabilizing housing prices in the capital region by increasing the supply of new homes, specifically through the development of previously protected greenbelt zones. This initiative comes as a response to the escalating home prices in Seoul and its surrounding areas, which have surged due to limited housing availability and recent real estate complications.
According to Yonhap News Agency, the government's plan will introduce new residential sites capable of providing 80,000 housing units by lifting greenbelt restrictions. This policy aims to clearly signal the government’s dedication to a steady and ongoing supply of housing, which Park highlighted as a cornerstone of their housing strategy. "The primary focus was to clearly demonstrate to the market our commitment to continuously and stably supply housing, which is the most fundamental part of any government housing policy," Park stated during the interview.
The decision to utilize greenbelt zones for residential development has not been made lightly, as such zones were largely preserved from development since the Lee Myung-bak administration's partial lifting of restrictions from 2009 to 2012. With rising prices particularly affecting non-apartment housing types and fueled by project financing issues and rental scams, the need for new housing has become more acute.
Seoul Mayor Oh Se-hoon expressed the city's cooperation with the central government's plans. However, Park also acknowledged the potential for resistance, noting protests from civic groups like the Citizens' Coalition for Economic Justice and anticipated opposition from local residents. He emphasized the importance of achieving a social consensus before proceeding, stating, "The plan to supply new housing or pursue development in greenbelt areas is facing protests from civic groups, and local residents are likely to oppose it as well. This issue requires social consensus to move forward."
Further discussing the broader social implications of housing shortages, Park linked the housing crisis to significant societal challenges such as the low birth rate and the increasing trend of young people choosing to remain single. He argued for a reevaluation of the actual state of greenbelt zones, which he claimed are often neglected and poorly maintained, suggesting that proper development could be more environmentally beneficial and supportive of societal needs.