Gwacheon and Taereung Housing Supply to Start in 2029 as Korea Speeds Plan

The government said on the 15th at a real estate ministers’ meeting held at the Government Complex Seoul that it will move up housing supply schedules for major public housing sites, including Gwacheon Racecourse in Gyeonggi Province and Taereung Golf Course in Seoul, by up to about one year and begin construction in 2029. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said the plan is intended to speed up supply and ease growing concerns over housing shortages, especially in Seoul. The government is also reportedly reviewing expanded supply of non-apartment housing, including officetels, because reconstruction, redevelopment and public land projects take considerable time before actual move-in. However, some expect quick coordination may be difficult because interests differ among the central government, local governments and project operators. Source: rss.donga.com