Government and Ruling Party Begin Full-Scale Supply Measures Including Greenbelt Review... Strengthening Balanced Development

Minister of Land, Infrastructure and Transport Kim Hyun-mi and Chairperson of the National Assembly Land, Infrastructure and Transport Committee Jin Sun-mi are attending the comprehensive real estate policy party-government meeting held at the National Assembly on the 15th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The government and the Democratic Party of Korea have officially begun preparing housing supply measures, including consideration of lifting the Greenbelt restrictions.

On the 15th, Cho Eung-cheon, the ruling party's floor leader on the National Assembly Land, Infrastructure and Transport Committee, told reporters after a real estate policy meeting, "We have formed an intergovernmental housing supply task force (TF) led by the Deputy Prime Minister for Economy, and the Ministry of Land, Infrastructure and Transport’s first vice minister will lead the working planning team, which is holding its first meeting today."

In addition to the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport, metropolitan local governments in the Seoul metropolitan area will participate. Rep. Cho said, "There is a voice that supply should go hand in hand with demand so that the public can feel reassured. This means the government has rolled up its sleeves regarding supply. The TF will also discuss whether to lift the Greenbelt restrictions."

He also mentioned, "Lifting the Greenbelt restrictions requires cooperation not only from the central government but also from local governments."

He pointed out that supply measures take time. Rep. Cho explained, "Even if a decision is made today on where to develop, supply will not be available tomorrow. It takes about 7 to 8 years, or even 10 years, for supply to materialize. The reason people feel supply is insufficient now is because the supply that started in 2013-2014 is only beginning to come to market now."

He said the policy was set to ensure stable supply in the long term. Rep. Cho stated, "Balanced development between the Seoul metropolitan area and local regions is important in the mid to long term. That will reduce the demand concentrated in the metropolitan area."

Jin Sun-mi, chairperson of the National Assembly Land, Infrastructure and Transport Committee, said at the real estate policy meeting that "Housing should no longer be a target for speculation, and the National Assembly and government must do their best to ensure that ordinary citizens’ dreams of owning a home are not shattered and that actual homeowners can maintain stable housing."

She especially urged, "Please specify concrete figures and timelines for the government’s efforts to supply quality housing stably, explain them to the public, and prepare sufficient promotional measures so that the public can feel reassured."

Kim Hyun-mi, Minister of Land, Infrastructure and Transport, said, "The government is focusing not only on normalizing demand-side regulations but also on expanding supply. Through the housing supply expansion task force (TF), we plan to make every effort to supply housing for actual demand."

Regarding future housing supply plans, Minister Kim introduced, "We plan to supply 770,000 units in the metropolitan area, including 320,000 public housing units such as the 3rd New Towns, and expect the annual apartment move-in volume in the metropolitan area over the next three years to be 180,000 units, which is 44% higher than the average of the past 10 years."

This content was produced with the assistance of AI translation services.