South Korea's Financial Services Commission (FSC) published a joint government housing supply update projecting that more than 40,000 apartments in the Seoul metropolitan area will be ready for occupancy by the first quarter of 2027. About 16,000 are scheduled for November and December 2026, followed by 28,000 in the next quarter. Seoul's apartment price growth slowed to 0.74% in September from 1.27% in July. Implementation of the Aug. 13 accelerated housing supply package has reached 65 of 145 tasks, including 19 financial measures, compared with 48 completed tasks at the first regular briefing in October.
Financing and related project obstacles have been resolved at eight residential project finance (PF) sites covering approximately 6,000 homes. These include a stalled development in Sinchon acquired and restructured through a Korea Asset Management Corporation fund, with construction of 435 homes scheduled for September 2027. An amendment proposed on Oct. 26 would extend Korea Housing Finance Corporation PF guarantees to dormitories and small single room lodging facilities. Project monitoring is also to expand from developments expected to start or finish construction in 2027 to those scheduled for 2028.
Korea Land and Housing Corporation launched tenders for 5,782 homes across six blocks, representing KRW 1.6 trillion in project costs, as part of plans covering approximately 9,000 homes. Developer selection for the six blocks is planned by the end of 2026, targeting construction starts in 2027. Separately, 284 public housing units in Goyang Changneung are scheduled for sale in December under an equity accumulation model requiring buyers to pay 25% of the price upon occupancy and purchase the remaining share over 20 years. The previously planned integrated housing supply support center is due to begin full operations in December, combining assistance with permitting and financing obstacles.