SEOUL, Oct. 16 (Yonhap) -- Ground has been broken for more than 99,000 homes in the Seoul metropolitan area so far and the government aims to begin construction for a total of 268,000 units by year's end under an ambitious plan to supply over 1.5 million homes over the next five years in the densely populated region, officials said Friday.
The government made the announcement while launching a twice-a-month briefing on the housing supply situation. Stabilizing home prices through massive supply and a crackdown on real estate speculation is a key objective of the government of President Lee Jae Myung.
"Since the announcement of the Aug. 13 measures, the government is making utmost efforts to stabilize the real estate market through swift home supply," Kim Yong-soo, second vice minister for government policy coordination, said during the briefing, referring to the government's supply plan announced in August.
"The government will continue to do its best to make sure through whole-of-government collaboration and on-site inspections that the housing supply measures do not remain just plans and lead to actual construction and move-ins," the official said.
The government is pushing to break ground for 1.5 million homes in the metropolitan area between 2026 and 2030, the largest ever in a five-year period. Of them, construction for 268,000 units will begin this year, and through the second week of October, ground has already been broken for more than 99,000 homes, officials said.
"As a significant volume of construction starts is concentrated in the fourth quarter, we will closely monitor the schedule and work in coordination with relevant ministries to proactively address key risks, such as potential challenges in securing financing or delays in obtaining permits," Kim said.
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