99,000 homes break ground in greater Seoul; gov't eyes 80% of annual target

Construction has begun on about 99,000 homes in greater Seoul so far this year, less than 40 percent of the annual target, with the figure expected to reach only around 80 percent of the goal by year-end, the government said Friday. The Ministry of Land, Infrastructure and Transport and the Office for Government Policy Coordination released an updated housing supply outlook amid growing concerns over rising home prices, and a tightening rental market in Seoul and surrounding areas. The government earlier announced a broader housing supply plan to begin construction on more than 1.5 million homes in the 2026-30 period to address supply shortages and ease upward pressure on property prices. For this year, the government has set a target of starting construction on 268,000 homes, including 62,000 public housing units. As of the second week of October, construction had begun on approximately 99,000 homes, accounting for just 37 percent of the annual target, according to the ministry. Despite the sluggish pace, the government projected that between 218,000 and 235,000 units would break ground