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Gov't to Ease Regulations, Support Redevelopment to Increase Housing Supply

Written: 2021-02-04 13:38:42Updated: 2021-02-04 14:20:48

Gov't to Ease Regulations, Support Redevelopment to Increase Housing Supply

Photo : KBS News

The South Korean government will ease building regulations and support redevelopment projects in major cities to construct up to 836-thousand new homes nationwide, 323-thousand alone in Seoul, over the next four years.

The package of measures announced on Thursday aims to curb soaring housing prices by increasing the supply in Seoul and other major cities, rather than through toughening regulations.

The measures include having public builders like the Korea Land and Housing Corporation(LH) and the Seoul Housing and Communities Corporation(SH) take on redevelopment projects to streamline the process.

The Land Ministry will ease restrictions on the floor area ratio of residential buildings near subway stations and transform semi-industrial zones into residential areas. 

The ministry will also revise the allotment system for new apartment units to give more opportunities to newlyweds and those in their 30s and 40s to buy affordable homes.

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