Government to Accelerate Housing Supply at Taereung Golf Course Site by One Year

The government will begin construction on large-scale housing supply at the Taereung Golf Course site in Seoul in 2029, moving the project up by one year from the original plan.

The Ministry of Economy and Finance announced this on May 15 during the real estate-related ministers' meeting presided over by Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol.

The government diagnosed that the number of properties on the market, which had increased before the reintroduction of heavier capital gains taxes on multiple home owners, is now declining again. Accordingly, the government stated its intention to respond preemptively to potential market instability.

Deputy Prime Minister Koo said, regarding the phenomenon of property listings drying up following the reintroduction of heavier capital gains taxes on multiple home owners, "The government will thoroughly monitor the current situation and mobilize all available measures to manage the market so that instability does not spread."

He further emphasized, "Rapid supply is more important than anything else," and added, "We are doing everything possible to compress every stage of execution so that the announced plans are directly connected to actual housing for the people and to accelerate the supply timeline."

At the key site, Taereung Golf Course, construction will begin in 2029, one year earlier than the original plan of 2030. In addition, supply projects involving about 2,900 units, such as the redevelopment of military sites in Gangseo and the mixed-use development of aging government buildings, are also scheduled to begin construction in 2027 after exemption from preliminary feasibility studies and other procedures.

To ensure the smooth progress of these projects, the government plans to assign a supply manager for each site. The government is also considering measures to quickly supply housing, including non-apartment types such as officetels, in order to enhance housing stability for the public.

Deputy Prime Minister Koo stated, "We are pushing to further strengthen the separation between the real estate market and finance," and added, "We are also thoroughly inspecting and strictly responding to market-disrupting activities in cooperation with relevant agencies."

At the meeting, other topics discussed included "Trends and Management Plans for Household Debt" and "Performance and Future Plans for Responding to Illegal Activities in the Real Estate Market."

The government is reviewing the implementation of the newly established housing mortgage loan management targets this year and is aiming to improve monitoring systems for the use of business loans within the first half of the year. The scope of self-inspection by financial companies will be expanded from individual rental business operators to corporate rental business operators, and small loans will also be included in the inspection coverage.

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