Seoul housing supply: Redevelopment and Greenbelt expansion proposed

Seoul authorities and the South Korean government are exploring aggressive measures to increase housing supply in the capital. Seoul Mayor Oh Se-hoon has identified urban redevelopment as the primary solution to address land scarcity. The city estimates that starting construction on 310,000 units across 253 redevelopment projects by 2031 could result in a net increase of approximately 87,000 households, even after accounting for demolished existing homes.

To accelerate these projects, the Seoul Metropolitan Government is requesting regulatory easing, including increasing floor area ratios, adjusting mandatory rental housing ratios, and normalizing LTV levels for relocation costs.

Simultaneously, the government is considering utilizing available land in the Seoul metropolitan area, including Greenbelt zones. Potential sites under review include areas in Seocho, Gangnam, and Songpa districts, such as the Naegok-dong reserve training ground and the Suseo vehicle depot. Additionally, the government is looking to revitalize stalled public land projects in Nonhyeon-dong and Banpo-dong, and increase density in semi-industrial areas like Yeongdeungpo and Guro to transform them into high-density residential and business hubs.