The government plans to begin construction on 12,000 housing units in 3rd generation new towns during the second half of this year and accelerate housing supply on major sites previously announced for development.
In its economic growth strategy for the second half of the year announced today (July 14), the government set a target to break ground on 12,000 units in 3rd generation new towns, including 6,800 units in Wangsuk, Namyangju, Gyeonggi Province, and 1,100 units in Gyeyang, Incheon.
The construction schedules for major sites, such as the Taereung Golf Course in Nowon-gu, Seoul (6,800 units) and the Geumto and Yeosu districts in Seongnam, Gyeonggi Province (6,300 units), will be moved up by one year from 2030 to 2029. Related procedures, including preliminary site surveys and relocation planning, will be expedited in the second half of the year.
The government plans to devise measures in the second half of the year to increase the speed of supply for public housing sites, such as shortening the consultation period with relevant agencies regarding district designation and planning, and initiating basic land compensation surveys earlier than the district designation.
Financial support and deregulation for projects that promote housing supply in urban areas, such as redevelopment projects, are also under review.
This includes measures such as easing the consent rate requirement for remodeling project plan approval from 75% to 70% through an amendment to the Enforcement Decree of the Housing Act.
The government will also prepare plans to diversify public rental housing, including improving the quality of public rental units, expanding supply for young people, and establishing a new public purchase rental REIT (Real Estate Investment Trust) that buys existing homes to provide them as rental housing.
Furthermore, to protect jeonse (lump-sum housing lease) deposits, the government will pursue a secure trust project where a jeonse/monthly rent stabilization organization manages the tenant's deposit, allowing landlords to receive monthly income without the risk of arrears.
The government also aims to enact legislation in the second half of the year to establish a Real Estate Supervisory Service to eradicate market-disturbing activities, such as housing price collusion.
Regarding tax reform, including real estate transaction and holding taxes for individuals, the government plans to develop improvement measures after gathering public opinion through forums and other processes.
For corporations, the government will rationalize land taxation classification standards, normalize tax burdens on holdings and transfers, and encourage the use of land for productive activities by expanding rental supply in industrial complexes.
Regarding farmland, following the enforcement of the Farmland Act in August, disposal orders will become mandatory for land that is not being used for agricultural management.
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.