Gwacheon and Taereung Public Housing to Start in 2029 as Government Speeds Supply

The government plans to move up housing supply schedules for major public land sites such as Gwacheon and Taereung by as much as one year, responding to growing concerns over a housing shortage centered on Seoul. Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said at a real estate ministers’ meeting held on the 15th at the Government Complex Seoul that the government recognizes rapid supply as most important for market stability. He said housing projects at Gwacheon Racecourse and Taereung Golf Course will begin construction in 2029, a year earlier than planned. Because redevelopment, reconstruction, and public land projects take considerable time before occupancy, the government is also reviewing expanded supply of non-apartment housing such as officetels and urban residential units. Measures to encourage private supply through regulatory easing and better project feasibility are also being discussed. Source: rss.donga.com