Oh Se-hoon: "Redevelopment Regulation Relaxation Measures Will Be Announced Soon"

Seoul Mayor's First Press Briefing

Firm Crackdown on Market Disruption
Confirmed Willingness to Ease Real Estate Regulations... "92% Progress in Reconstruction and Redevelopment"

Fourth Round of Metropolitan Landfill Usage Termination Talks to Begin Soon

Seoul Mayor Oh Se-hoon is speaking at a press conference with reporters held at Seoul City Hall on the 17th, marking one month since his inauguration. / Provided by Seoul City Hall

[Asia Economy Reporters Lim Cheol-young, Kim Hye-min] Seoul Mayor Oh Se-hoon reaffirmed his commitment to easing real estate regulations. In particular, he announced plans to expand housing supply by relaxing redevelopment regulations, which have seen no new zone designations for nearly six years.

Mayor Oh held his first press briefing since taking office on the morning of the 17th to present these plans.

At the briefing, Mayor Oh said, "I will work hard with the spirit of Seokjeon Gyeongu (石田耕牛, meaning 'plowing a rocky field')," and added, "Despite a short term of one year and three months, we have launched the ‘Seoul Vision 2030 Committee’ with a five-year outlook," promising to unveil the major framework of Seoul’s vision and strategy within a month. Regarding real estate policy, he stated that while market-disturbing activities will be strictly controlled, measures to ease redevelopment regulations will also be announced soon.

Mayor Oh actively addressed criticisms that reconstruction and redevelopment progress has been slow. He said, "Currently, there are about 482 reconstruction and redevelopment complexes in Seoul, and while prices have surged around some large complexes that are attracting attention, about 92% are proceeding as planned."

He announced that redevelopment deregulation measures will be introduced soon. Mayor Oh said, "There have been no new redevelopment zone designations since 2015, and we will finalize measures within ten days that express Seoul’s commitment to deregulation, including revising the Residential Maintenance Index system. However, the timing of the announcement will be coordinated with regulatory measures aimed at minimizing market confusion."

Regarding market-disturbing activities, he expressed a strong stance on strict responses. Mayor Oh said, "Since taking office, we have designated land transaction permission zones in areas where real estate prices have risen," and added, "We are working with the Ministry of Land, Infrastructure and Transport on additional regulatory measures against activities close to market disruption." He emphasized, "We will soon announce a strong regulatory commitment against abnormal transactions and rapid price increases as soon as consultations are completed."

On concerns about a potential garbage crisis related to the end of the use of the metropolitan landfill site, he said that four-party consultations involving Seoul City, the Ministry of Environment, Incheon City, and Gyeonggi Province will begin soon.

Mayor Oh stated, "Although there is anxiety about the landfill site’s closure in 2025, there is no need for major concern. There is an existing four-party agreement, and confidential consultations will start soon. We will seek solutions based on the agreement’s content."

He also conveyed the intention to continue using Seoul’s brand ‘I·SEOUL·U’. Although there have been speculations about replacing the brand, he explained that the basic principle is to respect administrative continuity following the late former Mayor Park Won-soon.

Mayor Oh acknowledged, "It is true that there have been criticisms that the current brand is weak," but emphasized, "Even if it is insufficient or undesirable, it must be respected from the perspective of administrative continuity. As a successor, I firmly maintain the position that efforts should be made to continue using it as much as possible." However, he also pointed out large brand structures installed in parks, adding, "Excessive use of the brand should be restrained."