<h2 class="subtit”>Ministry of Land, Infrastructure and Transport 1st Vice Minister: “Green Belt Compensation to be Accelerated”
The government announced that if the green belt (development restriction zone) in the metropolitan area including Seoul is lifted in relation to the ‘8/8 housing supply measure’, housing sales can begin in 5-6 years, or as early as 2029. Experts pointed out that there are still many hurdles to overcome, such as land compensation, protected species, and discovery of cultural assets, but the government is only emphasizing optimistic plans in order to allay supply anxiety.
On the 9th, Jin Hyun-hwan, 1st Vice Minister of Land, Infrastructure and Transport, appeared on MBC Radio and said, “The green belt has few obstacles and compensation is fast,” and “It will be available for general sale in 5 to 6 years.” Regarding this, an official from the Ministry of Land, Infrastructure and Transport explained, “Sales could be possible as early as 2029.”
This statement is interpreted as a response to the criticism that supply through the green belt is not enough to resolve the immediate supply shortage concerns. The previous day, Vice Minister Jin said in a press briefing, “It will take about 8 to 10 years (until occupancy).” Considering that it usually takes 3 years from sale to occupancy, the message was delivered based on the sale period on the 9th, the day after the announcement of the measure.
The government will announce the candidate sites for the release of the greenbelt in November. From the announcement of the candidate sites to the start of construction at the same time as the sale, there are three stages: △ designation of the district △land development △land development. Experts unanimously agree that it is difficult to predict how long it will take for land compensation in this process. They say that when the public develops new housing sites, they acquire land at a price lower than the market price, which can lead to severe conflicts with owners.
Environmental and cultural heritage issues cannot be ruled out. In several areas of the third new towns, including Hanam Gyo-san and Gwacheon, construction was delayed due to securing alternative habitats after the habitat of endangered wild frogs was confirmed. The Taereung Golf Course public development project in Nowon-gu, Seoul, announced by the government in July 2020, has effectively fallen through due to opposition from residents and issues with world cultural heritage.
Lee Chang-moo, a professor of urban engineering at Hanyang University, said, “During the Lee Myung-bak administration, the supply of Gangnam Bokgeumjari housing was faster than general housing sites,” and “the key is which area to lift the designation.” Gangnam Bokgeumjari housing announced a supply plan in September 2008 and began general sales in January 2011.
BYLINE:
Reporter Kim Ho-kyung [email protected]
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