South Korean government breaks ground on over 99,000 new homes in Seoul region

South Korean officials reported that more than 99,000 housing units have already broken ground in the Seoul metropolitan area, with a goal of initiating construction on 268,000 homes before the year closes. The drive forms part of an ambitious five-year scheme to build 1.5 million dwellings between 2026 and 2030, the largest such effort in the country’s recent history. President Lee Jae Myung’s government views the massive supply push as essential to stabilising real-estate prices and curbing speculative activity.

Second vice minister for government policy coordination Kim Yong-soo said the administration will maintain whole-of-government collaboration and on-site inspections to ensure plans translate into actual builds and move-ins. He warned that the concentration of starts in the fourth quarter will require vigilant monitoring of financing and permit processes. Officials pledged to work with relevant ministries to address any emerging risks promptly.