South Korea's senior presidential secretary for economic affairs, Ha Joon-kyung, has called for the commencement of construction on 1.5 million housing units within the current administration's term, according to MBC News. He also urged discussions on adding residential supply to the planned Yongsan Park development.
The remarks, reported by MBC News, signal a continued government focus on tackling housing affordability through aggressive supply-side measures. Ha's comments come amid a broader political push on real estate policy, with the ruling People Power Party reportedly launching an offensive against opposition claims that the administration's housing plans are recycled or misleading in their numbers.
The housing supply target aligns with President Yoon Suk Yeol's recent directive to concentrate all available resources and capabilities on resolving the country's property issues, as covered by the official policy briefing. In a related development, Gyeonggi Province has proposed allowing local public corporations to expand their capital bases with government support, similar to the Land and Housing Corporation (LH), to strengthen the role of the Gyeonggi Housing Corporation (GH) in delivering homes.
Meanwhile, local media reports highlight the complexities of such projects. One example is the plan for roughly 1,000 households at Yeomchang Park in Seoul, where 96 percent of the land is privately owned. According to Chosun Biz, the project is slated for a 2029 groundbreaking, with land compensation emerging as a critical hurdle.
The push for 1.5 million starts and the Yongsan Park discussion will likely face scrutiny over land acquisition costs and the feasibility of meeting such ambitious timelines. Watch for further details on how the government plans to address compensation disputes and local opposition in the coming months.
