It has been confirmed that President Lee Jae-myung presided over a seven-and-a-half-hour meeting to review the real estate and stock markets at the Blue House on the 3rd, immediately upon returning from his U.S. and South America tour. The meeting focused on measures to expand housing supply, including the development of new housing sites in the capital region.

Kim Yong-beom, Chief of Staff for Policy at the presidential office, and Kim Yoon-deok, Minister of Land, Infrastructure and Transport, attended the session. They reviewed the available quantities and timelines for major housing sites included in the capital region housing supply plan announced in late January—Seoul's Yongsan Camp Kim, Taereon CC, the Counterintelligence Command site, and the Gwacheon Racetrack site. Diagnosing a 'supply cliff' caused by sluggish housing supply, President Lee instructed officials to take all available measures, including administrative, financial, fiscal, and deregulatory steps, to secure and expedite supply volumes.

Mayor Oh Se-hoon and Policy Chief Kim Yong-beom Lunch Meeting on the 5th In this context, Seoul Mayor Oh Se-hoon and Policy Chief Kim Yong-beom will hold a lunch meeting on the 5th to discuss measures to revitalize housing supply in Seoul. According to multiple sources, the two will exchange views focusing on real estate issues, and the meeting is expected to review the details of the housing supply plan currently being prepared by the central government.

At the meeting, a 'Maintenance Project White Paper' prepared by the Seoul Metropolitan Government is planned to be presented. The document includes data on the net housing increase effects of capital region maintenance projects and statistics on supply shortfalls caused by permitting delays during the tenure of former Seoul Mayor Park Won-soon. This is expected to serve as a concrete explanation responding to doubts about the supply effects of maintenance projects raised by President Lee at a recent real estate forum, as well as Policy Chief Kim's remark that 'redevelopment and reconstruction are not a silver bullet.'

Real Estate Supply Plan Scheduled for Announcement This Month The government plans to officially announce its real estate supply measures sometime this month. A housing supply proposal utilizing quasi-industrial zones, which Chief Kim has emphasized, and the scale of housing supply within the Yongsan International Business District are expected to be among the core agenda items. With anxiety in the rental market growing following the recent real estate tax revision, a variety of measures to stimulate housing supply are under discussion.

Differences with Seoul Government Over Permits Persist The government aims to supply 60,000 housing units in the capital region through projects including the Yongsan International Business District and the Nowon Taereung Golf Course, advancing the permitting process to begin construction in Yongsan by 2028 and at the Taereung CC by 2029. However, differences remain with the Seoul Metropolitan Government, which holds permitting authority.

Chief Kim is expected to explain the central government's position at this meeting and request Seoul's cooperation in accelerating housing supply.

Previous Discussion Trends On the 24th of last month, Mayor Oh Se-hoon and Minister Kim Yoon-deok held a closed-door meeting with relevant officials to discuss housing supply measures, including the Yongsan International Business District and maintenance projects. On the 19th of last month, Policy Chief Kim appeared on KBS's 'Sunday Diagnosis' and stated that collaboration between the central government and the Seoul Metropolitan Government could yield greater results, revealing plans for a separate meeting with Mayor Oh Se-hoon.