Yongsan Expanded, Racecourse Relocated... 60,000 Housing Units to Be Released Near Seoul by 2030

32,000 Units in Seoul
Phased Construction Begins in 2027
Accelerating Development of Taereung Golf Course Site
Utilizing Idle Land and Aging Public Office Buildings
Priority Allocation to Young People and Newlyweds
Immediate Desig

The government has decided to supply an additional 60,000 housing units in urban areas of the Seoul metropolitan region, including 32,000 units in Seoul, with phased construction starting in 2027. In Yongsan District, including the Yongsan International Business District, 12,600 units will be built, while 9,800 units will be constructed on the site secured at the Gwacheon Racecourse. The development of the Taereung Golf Course site in Nowon District will also be accelerated. Idle land in urban areas and aging public office sites in Seoul, Gyeonggi, and Incheon will be utilized, with a focus on allocating units to young people and newlyweds.

However, since some of the previously planned units are included, the actual net increase is estimated to be around 50,000 units. To prevent speculation, the government immediately designated the relevant districts and surrounding areas as Land Transaction Permission Zones (LTPZ) on the day of the announcement.

Yoon-duk Kim, Minister of Land, Infrastructure and Transport (second from right), is speaking at the ruling party-government meeting on expanding and accelerating urban housing supply held at the National Assembly on the 29th. Through the real estate measures announced that day, the government decided to supply 60,000 housing units in the metropolitan area, including Yongsan and Gwacheon. Minister Kim said at the meeting, "The supply volume does not end with this announcement, and additional announcements will continue through consultations and reviews," adding, "We will also identify tasks for future institutional improvements." Photo by Hyunmin Kim

On January 29, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol presided over a meeting of relevant ministers for promoting housing supply at the Government Complex Seoul, where the "Measures to Expand and Accelerate Urban Housing Supply" were confirmed. Although the government had already announced a plan to supply 1.35 million housing units in the metropolitan area in the September 7 measures last year, continued market instability prompted the introduction of this additional measure. This is the first outcome of the housing supply ministers' meeting, which was launched in November of the same year.

The largest supply under this measure will be in Yongsan. A total of 13,500 units will be provided in the Yongsan area alone, including 10,000 units in the Yongsan International Business District and 2,500 units at Camp Kim. The number of units in the Yongsan International Business District was increased by 4,000 compared to the initial plan by raising the floor area ratio. In Gwacheon, 9,800 units will be built by integrating and developing 1.43 million square meters of the LetsRun Park (Gwacheon Racecourse) and the Military Counterintelligence Command site. The racecourse will be relocated to another area in Gyeonggi Province, and the site will be developed as an "Artificial Intelligence (AI) Technovalley."

In Nowon District's Taereung Golf Course area, 6,800 units will be supplied, a reduction from the original plan of 10,000 units. Since the site is adjacent to the UNESCO World Heritage Joseon Royal Tombs, the development will focus on mid- and low-rise buildings, with construction scheduled to begin in 2030 after a World Heritage impact assessment. Projects such as Taereung Country Club and Yongsan Camp Kim were previously attempted during the Moon Jae-in administration but were canceled due to resident opposition and difficulties in cultural heritage consultations. The government plans to relaunch these projects with enhanced green space and transportation measures.

In addition, sites such as the Korea Institute for Defense Analyses in Dongdaemun District, research institute land in Bulgwang-dong, Eunpyeong District, an Air Force base in Doksan-dong, Geumcheon District, and a military base in Namyangju have also been included as housing supply areas. The government will also add 9,900 units through the mixed-use redevelopment of 34 aging public office sites, and create new public housing districts in Geumto, Seongnam and the Yeosu area to supply 6,000 units.

To speed up the projects, the government plans to exempt 13 project sites from preliminary feasibility studies within this year. For public housing district development projects, the five-year limit on greenbelt release exceptions will be applied temporarily.

To calm the unstable market, the government pledged rapid implementation and continuous supply. Maeng Sungkyu, Chairman of the National Assembly's Land, Infrastructure and Transport Committee and a member of the Democratic Party of Korea, said at the party-government meeting held prior to the ministers' meeting that "the key is not just the volume of supply, but how quickly and where it is built." Deputy Prime Minister Koo stated, "We are continuing to identify additional urban supply sites," adding, "We will announce specific measures as soon as possible."