Seoul Unveils Aug. 13 Housing Plan to Speed Up Home Delivery in South Korea

The South Korean government on Tuesday unveiled its "Aug. 13 Housing Rapid Supply Plan, shifting focus from expanding housing supply volume to accelerating the delivery of new homes, a departure from previous policy approaches. The centerpiece of the plan is a "fastest-track public land construction model that slashes the period from candidate site announcement to groundbreaking to 37 months, down from the previous average of 68 months — an unprecedented speed-up.

Under this framework, Namyangju's Wabu-eup, newly designated as a public housing district with 21,700 units, is slated for district designation next year and construction in the first half of 2030. This matches the pace of Seoul's Seoripul district in Seocho-gu (22,000 units), which was announced as a candidate site in 2024 and is scheduled to break ground in 2029. The plan also signals a policy shift toward the private sector, offering financial and tax incentives to spur private redevelopment projects and non-apartment housing, which account for most supply. The Ministry of Land, Infrastructure and Transport said it has met with industry officials more than 10 times since April to address obstacles such as project financing (PF) costs, relocation expenses, and zoning regulations. However, the absence of large new supply sites in Seoul has raised doubts about market stabilization. While 2.8 million square meters of greenbelt land in Namyangju's Wabu-eup was designated as a public housing district candidate, Seoul's Gangnam and Songpa greenbelts and the Yongsan Children's Garden — requested for review by the Democratic Party — were excluded.