South Korea advances housing supply and tax reform plans

housing supply policy comprehensive real estate tax floor area ratio Tancheon Water Reclamation Center Seoul redevelopment

The South Korean government and the Seoul Metropolitan Government are coordinating new housing supply measures. The Ministry of Land, Infrastructure and Transport plans to announce over 73,000 new public housing sites in late September or early October. Due to disagreements with Seoul over the use of Greenbelt areas and Yongsan Park, focus has shifted toward the Gyeonggi region, including Goyang Daegok Station and Hanam.

A significant consensus was reached to develop the Tancheon Water Reclamation Center in Gangnam into a complex featuring 13,000 youth housing units and an AI-specialized industrial complex. Additionally, Seoul Mayor Oh Se-hoon has proposed increasing the floor area ratio for third-type general residential areas from 300% to 360% to boost private redevelopment projects.

Regarding taxation, the government is reconsidering its plan to reduce the comprehensive real estate tax basic deduction for non-resident single-home owners. Instead of lowering it to 900 million won, officials are considering maintaining the current 1.2 billion won threshold to minimize market shock, while potentially increasing the deduction for actual residents to 1.4 billion won. Furthermore, discussions are underway to lower redevelopment union establishment consent rates from 75% to 70% to accelerate urban renewal.

Entities

Kim Yun-deok · Ministry of Land, Infrastructure and Transport · Oh Se-hoon · Seoul Metropolitan Government · South Korea · Tancheon Water Reclamation Center · Yongsan Park

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The price for acquiring rental housing will be increased from 80% to 100% of basic construction costs. www.housingherald.co.kr
[● 3 SOURCES] The government will exclude Seoul Greenbelt areas and Yongsan Park from new housing site announcements. www.imaeil.com · www.bjynews.com · www.seoul.co.kr
[● 4 SOURCES] The government is reconsidering tax reforms regarding non-resident single-home owners. www.erounews.kr · www.dailymagazine.co.kr · www.mbn.co.kr
[○ 1 SOURCE] Redevelopment consent rates for establishing unions will be lowered from 75% to 70%. www.housingherald.co.kr
[● 2 SOURCES] The government aims to secure over 100,000 new public housing units in the metropolitan area. www.imaeil.com · www.bjynews.com
[○ 1 SOURCE] Seoul apartment sales listings increased by 9.1% between August 3 and August 25.
[○ 1 SOURCE] The government and Seoul City reached a consensus on supplying 13,000 youth housing units at the Tancheon Water Reclamation Center. www.seoul.co.kr
[● 2 SOURCES] The government plans to announce over 73,000 new public housing sites in late September or early October. www.bjynews.com · www.seoul.co.kr
[○ 1 SOURCE] The government is considering maintaining the comprehensive real estate tax basic deduction for non-resident single-home owners at 1.2 billion won. www.dailymagazine.co.kr
[○ 1 SOURCE] Seoul City proposed increasing the floor area ratio for third-type general residential areas from 300% to a maximum of 360%. www.newstomato.com