SEOUL, Sept. 21 (Korea Bizwire) — The South Korean government will supply 300,000 public homes starting in 2021 in a move to stabilize the overheated real estate market, the land ministry said Friday.
The government will complete the purchase of properties needed to build the public houses in Seoul, Incheon and Gyeonggi Province by the first half of 2019 and gradually start providing the public homes two years later, the Ministry of Land, Infrastructure and Transport said in a statement.
“The government will strive to provide low-priced but quality homes to meet real demand in the market. As most of the public homes will be located near Seoul, would-be residents will have easy access to the public transportation infrastructure,” Land Minister Kim Hyun-mee said in a press conference.
Under the latest home supply plan, the government plans to build four to five new small residential towns between Seoul and the existing large residential areas of Ilsan and Bundang in Gyeonggi Province. The new towns will be provided to the underprivileged, the policymaker said.
Some 10,000 homes in 11 areas in Seoul, including a former prison site in Songpa, eastern Seoul, and an old residential town in Gaepo, southern Seoul, are among the selected sites, the statement said.
No greenbelt areas are included in the supply plan, it said.
“The central government will continue to consult with the Seoul metropolitan city to lift a development ban on greenbelt areas, which have already been seriously damaged and carry little value for reservation,” the minister said.
The ministry said it will announce one to two sites for small residential towns near Seoul within this year.