"Government and Ruling Party Only Voicing Themselves... Shaking Trust in Policies"

Expert Perspectives on Greenbelt Deregulation

[Asia Economy Reporters Inho Yoo, Yuri Kim, Chunhee Lee] Amid fierce debates over the issue of lifting the Greenbelt (development-restricted area) not only in the political sphere but also within the government, experts are criticizing the government and ruling party, which should decide on this important policy matter, for irresponsibly voicing only their own opinions and undermining the credibility of the policy.

Real estate experts opposing the lifting of the Greenbelt argue that "it is difficult to supply enough housing to meet the overwhelming demand in Seoul, and there is also a possibility of side effects." The area of Seoul's Greenbelt land is 149.13㎢.

Kwon Daejung, a professor at Myongji University Graduate School of Real Estate, said, "Assuming the Greenbelt in Seoul is lifted to supply housing, it is expected that about 50,000 housing units can be supplied," adding, "Considering that there are about 5.99 million subscribers to Seoul's housing subscription accounts, this is insufficient."

Park Sangwoo, a distinguished professor at Korea University Graduate School of Engineering and former president of the Korea Land and Housing Corporation (LH), pointed out, "When I was the LH president, I conducted investigations related to the Greenbelt and found that there is not much land available for building houses even if the Greenbelt is lifted," adding, "There will be political and policy controversies, such as debates over how many houses would actually be built if the Greenbelt is lifted."

[Image source=Yonhap News]

Some experts are also concerned about side effects. They argue that lifting the Greenbelt could lead only to green space destruction and result in land price increases and speculative psychology due to regional development. When the Ministry of Land, Infrastructure and Transport (MOLIT) considered unilaterally lifting the Greenbelt in the Gangnam area in 2018 to expand housing supply in Seoul, the Seoul Metropolitan Government opposed it for similar reasons.

Professor Choi Bongmoon of Mokwon University said, "If the government uses its authority to lift the Greenbelt despite local governments' opposition, it is tantamount to the government saying it will no longer protect the Greenbelt," adding, "We should not easily proceed with something whose housing supply effect is uncertain just because the land price is low and acquisition is easy, sacrificing the public who have endured for a long time." He further added, "It will have the effect of attracting demand by building new houses on new land rather than improving old residential areas." This implies concerns about speculative signs in areas where the Greenbelt is lifted.

Some experts hold a positive view on lifting the Greenbelt. Professor Lee Changmoo of Hanyang University’s Department of Urban Engineering said, "Considering the current reality where redevelopment after New Town cancellation is difficult and deregulating reconstruction is not easy, lifting the Greenbelt is the option with the greatest supply effect," adding, "Housing should be supplied at high density rather than low density in locations close to the city center." He emphasized, "It is difficult to lump all areas as Greenbelt. There are lands that have been damaged and are actually usable, and there are places that should be preserved even if they are not Greenbelt. The current discussion is about whether to select the damaged and usable Greenbelt adjacent to Gangnam in Seoul."

However, experts unanimously agree that if different voices emerge within the government regarding lifting the Greenbelt, it will ultimately result in a hasty measure. Professor Choi said, "Since the side holding the key to current real estate policy speaks first, the side advocating Greenbelt protection, such as MOLIT, does not uniformly voice its opinion," adding, "If policies are proposed to solve the problem and each ministry finds detailed measures accordingly, such issues will continue."

Some argue that multiple measures, not just one, are needed to stabilize housing prices through sufficient supply. Professor Seo Jin-hyung of Gyeongin Women's University said, "Even with redevelopment and reconstruction, institutional improvements should be made to lower building coverage ratios and increase floor area ratios to prevent indiscriminate development, and the reduced building coverage should be re-secured as public land for urban residents' rest areas or infrastructure such as roads," adding, "There is also a plan to mandate the construction of public rental housing for the increased floor area ratio portion."

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