South Korea's Ministry of Economy & Finance has set out a housing market response focused on expanding housing supply and accelerating construction starts, including bringing forward the 6,300-home Seongnam new housing site from 2030 to 2029 and launching a pan-government support center to remove obstacles at delayed projects. Following an interministerial real estate and housing supply meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, the government also said it will keep tight oversight of the 29 January supply measures and speed procedures for a further 2,800 homes in Dongdaemun-gu and Eunpyeong-gu, including establishing agency relocation plans within the year. The new support center, led by the Ministry of Land, Infrastructure and Transport with other ministries and local governments, is intended to address project finance constraints, materials supply problems and rising construction costs that have delayed starts for about 100,000 homes in regulated areas of the capital region by more than a year. The government will also strengthen procedural management of public housing sites including Namyangju Wangsuk, Goyang Changneung and Seongnam Bokjeong District 2, continue focused investigations into suspected speculative transactions around new supply sites in the 29 January plan, review suspected fraudulent subscription cases across 43 housing complexes covering 25,000 units, and step up action against the spread of false information on development plans or property prices.

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