Green belt lifted to control housing prices in Seoul

Seoul Green Belt lifted, let’s focus on the metropolitan area without holding down housing prices

Yesterday, in response to the government’s request for housing supply through the lifting of development restriction zones (greenbelts), the Seoul Metropolitan Government announced a detailed plan to use areas with low preservation value, such as damaged land in the greenbelt, as housing for newlyweds and others. Seoul Mayor Oh Se-hoon emphasized, “The most important issue among low birth rate measures is the housing issue,” adding, “It is an inevitable choice to partially lift the green belt for the future young generation.” Mayor Oh added that he would designate the entire greenbelt as a land transaction permit zone to block speculation and consider additional designation in areas where housing prices are soaring.

It is unclear whether housing prices will stabilize even if the greenbelt in the Gangnam area is opened and housing is supplied. In 2009, the Lee Myung-bak administration also lifted the Jagok-dong and Segok-dong greenbelts and supplied 6,569 units under the pretext of stabilizing housing for low-income families as apartment prices soared. However, the Seoul Research Institute’s analysis is that the effect of this on stabilizing surrounding housing prices was minimal, and in the end, it followed the market price, leading to the ‘lotto’ controversy and the problem of encouraging speculation.

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https://v.daum.net/v/20240810001007623