Supply of 1.27 Million Households in the Seoul Metropolitan Area... 80,000 Households Near Gangnam

[Asia Economy Reporter Chunhee Lee] The Ministry of Land, Infrastructure and Transport has unveiled a supply plan for 1.27 million housing units in the Seoul metropolitan area.

On the 25th, the Ministry announced that starting this year, a total of 1.27 million new housing units will be sequentially recruited for residents: 364,000 units in Seoul, 756,000 units in Gyeonggi Province, and 151,000 units in Incheon. By project type, 840,000 units will be supplied on public land, 390,000 units through redevelopment projects, and 40,000 units through institutional improvements.

The plan is primarily presented over three years by year. This year, 178,000 units (82,000 public land units and 96,000 redevelopment units); next year, 201,000 units (82,000 public land units and 81,000 redevelopment units); and in 2022, 195,000 units (138,000 public land units and 57,000 redevelopment units) will be supplied. After 2023, a total of 657,000 units (505,000 public land units and 152,000 redevelopment units) are planned to be supplied.

Among the metropolitan areas excluding Seoul, the southwestern region of Gyeonggi Province will receive the most housing supply. The government plans to supply a total of 275,000 units in this area, combining 226,000 units from public land projects and 49,000 units from redevelopment projects. By local government, Hwaseong City will have 72,000 units, Pyeongtaek City 43,000 units, and Bucheon City 31,000 units.

In the southeastern region of Gyeonggi Province adjacent to Seoul’s Gangnam area, 150,000 units (136,000 public land units and 14,000 redevelopment units) are planned. In particular, 78,000 units will be supplied in Hanam (34,000 units), Gwacheon (22,000 units), and Seongnam City (22,000 units), which are adjacent to the Gangnam 3 districts.

In Incheon, a total of 94,000 units will be supplied, including 57,000 units in new town areas such as Geomdan New Town (40,000 units) and Gyeyang New Town (17,000 units).

Among these areas, the 3rd phase new towns?Bucheon Daejang (20,000 units), Hanam Gyosan (32,000 units), and Incheon Gyeyang?will recruit residents through pre-subscription next year. The Ministry has currently launched a 3rd phase new town website providing information on development plans and transportation measures for major districts. Additionally, a "Subscription Schedule Notifier" service sends text messages about subscription schedules for interested districts 3 to 4 months in advance.

Kim Kyuchul, Director of the Public Housing Promotion Division at the Ministry, said, "We are steadily implementing the housing supply plan for 1.27 million units in the Seoul metropolitan area, including the 3rd phase new towns and the Residential Welfare Roadmap. We are continuously managing new candidate sites for public land to proactively supply housing and will actively pursue additional supply depending on market conditions."

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