South Korea Breaks Ground for Over 99,000 Homes in Metropolitan Area

On October 16, 2026, the South Korean government announced that it has broken ground for more than 99,000 homes in the Seoul metropolitan area as part of its efforts to address housing demands. This initiative aims to stimulate the construction industry, which plays a vital role in the nation's economic growth.

The government plans to begin construction for a total of 268,000 housing units by the end of this year, with a long-term goal of supplying over 1.5 million homes in the densely populated region over the next five years. Officials emphasized that stabilizing home prices and curbing real estate speculation are key objectives of the current administration.

Kim Yong-soo, the second vice minister for government policy coordination, stated, "Since the announcement of the August 13 measures, the government is making utmost efforts to stabilize the real estate market through swift home supply." He assured that the government will ensure that these plans lead to actual construction and move-ins.

As construction activities ramp up, particularly in the fourth quarter, the government is closely monitoring the schedule and coordinating with relevant ministries to mitigate potential risks, such as financing challenges or delays in obtaining permits. This ambitious housing supply plan marks the largest effort in a five-year period in South Korea's history.