South Korea is preparing its largest-ever housing supply measures by year-end to curb rising property prices and stabilize the market. Officials are reportedly considering the politically sensitive release of greenbelt areas to secure more urban housing plots.
The Ministry of Land, Infrastructure and Transport (MOLIT) will announce the plan soon. Despite previous property policies, Seoul’s housing prices remain high, prompting large-scale supply efforts. MOLIT Minister Kim Yun-duk described the plan as “largest”, with preparations including weekly review meetings and inter-ministerial consultations.
Measures under discussion include developing idle land within Seoul, with candidate sites such as Taereung CC, the Western Driver’s License Test Center in Mapo, Seoul Regional Public Procurement Service, and the National Diplomatic Academy area. MOLIT emphasized that announcements will follow agency consultations to avoid public backlash.
Seoul’s remaining greenbelt covers 150 square kilometers, about one-fourth of the city. Even partial release could secure mid-sized urban housing plots. President Lee has previously signaled willingness to consider greenbelt release, and the ruling party is exploring ways to strengthen government authority over such decisions.
Experts caution that while idle land and greenbelt release may boost short-term supply, they cannot fully meet long-term demand. Private redevelopment, reconstruction, and normalization of resale housing are essential for a sustainable solution. Shim Hyung-seok, a professor at IAU and director of the Bread Research Institute, said, “Public supply is necessary, but private development must also be encouraged to address Seoul’s concentrated demand.”
