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A view of apartment complexes in Seoul. / Source: Yonhap News

The government on Sunday announced a sweeping housing supply roadmap, pledging to break ground on 1.35 million homes in the Seoul metropolitan area by 2030, equivalent to 270,000 units a year. The target is 1.7 times the average of the past three years, or about 110,000 more homes annually. Unlike previous plans based on permits, the government will manage progress by construction starts to ensure delivery.

The Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport (MOLIT), the Office for Government Policy Coordination, the Financial Services Commission, and the National Tax Service jointly unveiled the plan during a ministerial meeting on real estate.

At the heart of the plan is a public-sector-driven early supply strategy. At least 372,000 homes will be built quickly through direct implementation by public entities. The Korea Land and Housing Corporation (LH) will develop 60,000 units itself rather than selling residential land to private developers.

Idle commercial sites will be converted into housing land, while repeated delays in approvals and compensation will be streamlined. The plan also includes redevelopment of aging public rental housing, mixed-use development of idle state-owned sites and public office buildings, and use of unused school land.

The government will also accelerate urban housing supply by revamping redevelopment rules and expanding mixed-use projects in city centers. The aim is to shorten redevelopment timelines by up to three years. Regulations that have stood for 35 years, such as strict housing noise standards and mandatory school land donations, will be eased to encourage private-sector participation.

Both public and private rental housing will be expanded through quick-start projects such as purchase-type public rentals and publicly supported private rentals. The government also plans to broaden non-apartment housing options by utilizing vacant commercial properties in cities and introducing modular housing.

Minister of Land, Infrastructure and Transport Kim Yoon-duk said, “Adequate supply is essential for stabilizing the housing market. We will establish a system where housing supply is distributed fairly to real demanders.”