South Korea pushes large‑scale housing supply plan amid new tax reforms

The South Korean government has introduced a tax reform that raises property taxes on high‑value homes and multiple‑owner households. President Yoon Suk‑yeol and the ruling Democratic Party, represented by interim leader Han Byung‑do, said the administration will now focus on accelerating housing supply in the Seoul metropolitan area. The task force on housing‑market stability is being expanded to include committees from land, transport, finance and political affairs, and officials indicated that more than 100,000 new units could be added, with sites such as Taereung CC, a military intelligence base and the Gwacheon race‑course under consideration. While no specific timetable has been set, officials stressed that “specific details and timing of the supply measures are still undecided.” The supply drive is presented as essential to stabilise the market, as tax changes alone are unlikely to curb rising rents and prices.

The plan follows public pressure for concrete housing delivery, with the government emphasizing a “multifaceted review” of supply options and the need to remove bottlenecks in financing and permitting.