|President Yoon Suk-yeol speaks during a government policy debate in Goyang, northwest of Seoul, on Jan. 10, 2024./ Source: Yonhap News
By AsiaToday reporter Jeon Won-joon
The Yoon Suk-yeol government will allow the reconstruction of homes 30 years old or older even without safety inspections. The requirements for redevelopment will be eased, making maintenance projects to be carried out easier. The move is aimed at increasing the home supply in urban areas by lowering the threshold for reconstruction and redevelopment projects.
The supply for apartment complexes built during the first-phase New Town initiative in the Seoul capital area, including Bundang, will be advanced with the goal of completion by 2030. Heavy taxes on owners of multiple homes will be removed.
The Ministry of Land, Infrastructure and Transport announced a series of measures to expand housing supply during a policy debate presided over by President Yoon Suk-yeol in Goyang, northwest of Seoul, on Wednesday.
Under the new measure, homes will be eligible for reconstruction if living conditions have deteriorated due to issues, such as a lack of parking spaces, excessive noise between floors, and more. The government will permit the reconstruction of apartments older than 30 years immediately without requiring safety checks. The government expects that the introduction of the fast track will shorten the reconstruction period by up to three years. In the case of Seoul, the reconstruction period is expected to be reduced by up to five to six years when applying the rapid integration plan.
Redevelopment projects will also have lower barriers. The requirements for deterioration of redevelopment will be eased to 60 percent of residents’ approval rate from the current two-thirds. In the case of new towns, redevelopment projects for buildings over 30 years old can begin only with 50 percent of approval of residents.
Redevelopment of first-phase New Towns, including Bundang, Ilsan, Pyeongchon, Sanbon, and Bucheon’s Jung-dong, will begin in 2027, with the goal of completion by 2030. The government will create a future city fund worth 12 trillion won to support funds needed for new city redevelopment.
“The government will do its best to immediately and certainly solve the housing problem that the people want and build a strong housing ladder of hope,” President Yoon said.