Seoul mayor says to press ahead with housing supply plan

Seoul Mayor Oh Se-hoon said Thursday the city government plans to press ahead with its supply plan for the housing market, noting that construction has already begun for 15,000 units this year.

The municipality plans to break ground on 310,000 housing units by 2031 through redevelopment and reconstruction projects amid recent supply shortages that have contributed to sharp price hikes.

“Under the principle that sufficient and continued supply is the starting point of reducing housing concerns, we have sped up improvement projects through rapid integrated planning,” Oh said during a parliamentary audit of the city government.

“Going forward, we will continue to ease on-site difficulties and unfair regulations so that housing can be supplied continuously without stopping.”

He also pledged to actively respond to shortages in the rental housing market by broadening the foundation for private supply.