Government to Lift Greenbelt Restriction in Southern Seoul for Housing Project.

SEOUL: The government announced plans on Tuesday to lift greenbelt restrictions in a designated zone in southern Seoul. This marks the first such action in 12 years within the capital, aiming to facilitate the supply of 50,000 new housing units in the greater capital region by 2031.According to Yonhap News Agency, the Ministry of Land, Infrastructure and Transport will remove restrictions on over 2.21 million square meters of greenbelt area in Seoripul, located in Seoul's southern district of Seocho. This move is set to enable the development of 20,000 housing units. Additionally, the government identified four non-greenbelt zones in Goyang, Uijeongbu, and Uiwang in Gyeonggi Province for 30,000 more homes, slated for completion by 2031.The ministry emphasized the need for systematic and planned development in these areas, which currently host sporadic industrial developments. The Seoripul area, in particular, is situated in the desirable Gangnam region, south of the Han River in Seoul.Further plans incl ude designating additional zones in the greater capital region by the first half of 2025 to provide 30,000 more housing units. This initiative comes as a response to rapidly increasing housing prices, especially for apartments in Seoul and surrounding areas, driven by supply shortages and real estate financing challenges.