Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to supply 90,000 rental homes in the Greater Seoul area over the next two years in response to rising housing prices. Of these, 66,000 units will be concentrated in regulated areas. The government will also significantly strengthen crackdowns on market disruptions, including real estate tax evasion and price manipulation.
During a meeting on real estate policy held at the Government Seoul Building on May 22, Koo noted that "the increase in apartment sale prices in Seoul has expanded for two consecutive weeks," and assured that the government will closely monitor price fluctuations and inventory flow to actively stabilize the market.
The government plans to focus on increasing the supply of non-apartment housing, such as officetels, as these can be delivered more quickly than apartments, potentially yielding visible results within one to two years. This initiative is also expected to help alleviate housing difficulties for young people.
To lead this effort, the public sector will expand the supply of non-apartment rental housing. By 2027, a total of 90,000 units will be supplied in the Greater Seoul area, with 66,000 units allocated to regulated areas.
Measures to accelerate the supply will also be implemented. The government plans to shorten construction periods through modular construction methods and reduce the financial burden on contractors to encourage early project commencement. It will closely manage projects that have received permits but have not yet started construction.
Koo stated, "We will ensure that financially viable projects do not face funding difficulties."
The crackdown on market disruptions will be intensified. The National Tax Service has recently launched tax investigations into 127 individuals suspected of real estate tax evasion and is verifying the private use of over 2,630 high-value homes owned by corporations, valued at over 900 million won.
The National Police Agency is also conducting special crackdowns on real estate crimes, including price manipulation and reconstruction corruption. As of May 19, over 2,200 individuals have been apprehended, with 861 cases forwarded for prosecution.
Koo emphasized, "We will not tolerate any actions that disrupt market order," and reaffirmed that the government is committed to ensuring housing stability for the public through swift and effective measures.
* This article has been translated by AI.
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