Government Considers Lifting Greenbelt Restrictions in Seoul to Boost Housing Supply
In response to escalating housing prices and a growing supply shortage In response to escalating housing prices and a growing supply shortage, the South Korean government is exploring a groundbreaking housing supply measure: partially lifting the greenbelt (development-restricted areas) in Seoul. This strategy aims to alleviate the housing crisis by unlocking prime land for development. Experts argue that for this initiative to be successful, it must address demand, supply, and infrastructure needs, while overcoming the traditional aversion to developing greenbelt areas. Government’s New Strategy: On August 5th, discussions between the Ministry of Land, Infrastructure, and Transport and the Seoul Metropolitan Government focused on partially lifting the greenbelt restrictions in Seoul. Although specific locations and areas for release have yet to be determined, the Ministry will assess potential sites and their respective areas. According to the Greenbelt Development Restriction Act, m...