This countermeasure is expected to include urban development such as Seoul station area, additional discovery of new housing sites in the metropolitan area, and promotion of public reconstruction.
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▲ An image of Yangpyeong 13 and 14 districts, Yeongdeungpo-gu, Seoul, one of the candidate areas for public redevelopment in Seoul announced on the 15th by the Ministry of Land, Infrastructure and Transport and the Seoul city. yunhap news |
According to the government and the National Assembly on the 31st, the Ministry of Land, Transport and Maritime Affairs is reviewing plans to expand housing supply in the metropolitan area, including Seoul, and will announce it as early as the middle of this week.
Earlier, on the 26th, a meeting of the real estate ministers was held, and in early February, it was decided to come up with a plan to quickly supply high-quality and sufficient housing to Seoul and other metropolitan areas.
The core of the countermeasure is expected to be the high-density development of metropolitan station areas, semi-industrial areas, and low-rise residential areas in downtown Seoul that Minister Byeon Chang-heum emphasized. For these regional development projects, public development models such as Korea Land and Housing Corporation (LH) and Seoul Housing and Urban Corporation (SH) will lead the project. Rather than raising the housing floor area ratio and boldly easing urban regulations such as the right to sunlight and parking lots, a part of the increased area is promoted by receiving donations as rental housing.
In the station area, a floor area ratio of up to 700% is granted for residential-commercial complexes, allowing high-density development, intensively supplying housing for newlyweds and young people.
In the semi-industrial area, an anchor facility that combines residential and industrial functions is built on the site before the factory through a circular development method, and the periphery is sequentially maintained.
Various measures are being devised to increase housing volume and ease resident consent requirements for project promotion by revising existing housing construction related laws such as reconstruction, redevelopment, district unit planning, and urban regeneration.
In addition, it is reported that there is a high possibility that measures to secure new housing sites in the metropolitan area will be included in the measures to further expand housing supply. It is known that housing sites over small and medium-sized scales are being actively reviewed, even if they are not new city-level.
Earlier, the Ministry of Land, Infrastructure and Transport announced several supply measures, such as the 5·6 countermeasures and the 8·4 countermeasures, and said that additional housing sites can be supplied whenever necessary. In addition, President Moon Jae-in also mentioned at a New Year’s press conference that, in response to a question related to real estate policy, “we will increase supply specially to a level far exceeding the level expected by the market through drastic development of new residential land.”
Some point out that it is necessary to exclude the application of regulations such as the reconstruction excess profit redemption system or the sale price ceiling system in order to revitalize public small-scale reconstruction, which is a tool for public reconstruction and low-rise residential development, and the government is also reviewing this.
The government is also on the keynote that excessive regulation should not interfere with the private housing supply, so it is observed that it is highly possible to apply the exclusion of the pre-sale price limit.