Oh Se-hoon "Maintain Policy to Curb Real Estate Price Increases and Cooperate with Central Government"

Oh Se-hoon "Will Approach Delicately to Avoid Price Stimulus"
Promoting Expansion of Land Lease Housing and Public Housing Areas
Blueprint for 'Green Ecological Urban Center' Increasing Green Space Ratio in Old Downtown
"Will Introduce Concept of Green Ecological Urban Center Coexisting with Buildings and Forests"

[Image source=Yonhap News]

[Asia Economy Reporter Han Jinju] Seoul Mayor Oh Se-hoon stated regarding the direction of cooperation on real estate policy after the new government’s inauguration, "We will closely consult with the central government on housing supply while maintaining the stance of suppressing real estate prices as much as possible."

At a press conference held on the 12th at Seoul City Hall to mark his first anniversary in office, Mayor Oh said, "In the process of establishing a cooperative relationship after the new government’s inauguration, we will approach matters as delicately as possible to avoid stimulating prices above all else."

Introducing an anecdote about a phone call with Won Hee-ryong, the nominee for Minister of Land, Infrastructure and Transport, Mayor Oh said, "We exchanged views on not rushing excessively but responding with precise coordination," emphasizing, "Seoul will maintain the stance that price stabilization is more important than housing supply."

Mayor Oh announced plans to supply land-lease sale housing as part of real estate policies aimed at realizing the 'ladder of social mobility.' He said, "For low-income citizens with insufficient resources, we will collaborate with the central government to the fullest extent possible to provide supply types that allow asset formation and enjoyment of housing rights, including land-lease sale housing and equity accumulation-type housing."

Efforts to improve the quality of public housing for low-income groups will also be pursued simultaneously. Mayor Oh explained, "For those who find asset formation itself very difficult due to a severe lack of resources, we will increase the area of public housing (rental housing) by 1.5 times compared to now to improve its perception as quality housing," adding, "Unlike sale housing, public housing has used somewhat lower-grade products from small and medium enterprises in terms of materials and facilities, but we will upgrade these materials as well."

He also introduced a blueprint to transform the old downtown into a 'green ecological downtown' once the new government’s presidential office relocates to Yongsan. The plan is to revitalize Seoul’s old downtown as a place where buildings and forests coexist, linked with the Yulgok-ro project.

Mayor Oh said, "We will announce a new downtown project concept called 'green ecological downtown' soon," adding, "We plan to redevelop the old downtown to create workspaces and residential spaces together, introducing the concept of a green ecological downtown with close proximity between work and residence, and we aim to make photos taken from 1 km above show a completely green landscape."

He stated, "The path from Bukaksan Mountain to Cheongwadae-Gwanghwamun Plaza splits into two routes, and we will enable citizens to feel urban planning changes along the Seoul Station-Hangang-Yongsan route and the Jongmyo-Gyeongbokgung-Changgyegung route," explaining, "The key lies in how to transform the old downtown areas of Yulgok-ro-Toegye-ro and Jongno 1-8 ga, and the Yulgok-ro project connecting Changgyegung, Changdeokgung, and Jongmyo with green spaces will be carried out in the second half of this year."

The plan is to increase the green space ratio in downtown Seoul to up to 10%. Mayor Oh said, "By lifting height restrictions and granting maximum floor area ratios, contributions to the public will inevitably increase," adding, "While downtown green space in London or New York is around 15-20%, Seoul’s ratio remains at 7-8% even when combining parks and palaces. We will concretize the basic plan to increase this ratio to 10%."

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