During a meeting of real estate ministers on May 14, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol emphasized, "Rapid supply is of utmost importance," adding that the government is compressing all execution stages to ensure that announced plans translate into actual housing for citizens.
The government plans to begin construction on the Taereung Golf Course site in 2029, one year earlier than originally scheduled. This decision aims to alleviate market concerns over delays in supply and to realize tangible housing availability sooner.
In addition, the government is pushing forward with projects in the Gangseo military site and the redevelopment of aging government buildings, targeting the construction of approximately 2,900 housing units by 2027, following the exemption from preliminary feasibility studies. The government will designate supply responsibility officers for each site to closely monitor project progress.
Short-term supply expansion measures are also being pursued. The government is considering rapid supply options for available housing, including non-apartment units such as officetels, to minimize supply gaps and mitigate market instability.
Furthermore, the government plans to strengthen market order management. Koo stated, "We are thoroughly implementing the separation of the real estate market and finance," and pledged to work with relevant agencies to rigorously inspect and respond to market disruption activities.
To support this effort, management of housing mortgage loans will be tightened. The government plans to expand inspection targets to include not only individuals but also corporate rental businesses, and will check all housing mortgage loans for potential misuse. This initiative aims to minimize oversight gaps, including small loans.
* This article has been translated by AI.
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