[Seoul's Choice]②"Triple Boom" in Sales and Rents... Real Estate Determines Public Sentiment in Seoul

Jung Won-oh's "Step-by-Step Development": 360,000 Homes
Three Years Cut from Master Plan to Final Approval

Oh Se-hoon's "Fast-Track Planning": 310,000 Homes
Ultra-Short Track Strategy Without Preparatory Committee

Editor's NoteThe Seoul mayoral election represents the most significant battleground in the 9th nationwide local elections to be held on June 3. The candidates are engaged in a fierce policy contest over issues directly impacting citizens' lives, such as real estate, transportation, and welfare. The Asia Business Daily will provide a three-part comparative analysis of the key pledges and policy directions of Jung Won-oh, the Democratic Party of Korea candidate, and Oh Se-hoon, the People Power Party candidate, who are locked in a close race for the Seoul mayor's office.

Real estate is seen as one of the most decisive factors in shaping public sentiment in Seoul ahead of the early voting for the 9th nationwide local elections. With the Seoul apartment market experiencing a so-called “triple boom”—with sharp increases in sales prices, jeonse (long-term deposit leases), and monthly rents—both Jung Won-oh of the Democratic Party of Korea and Oh Se-hoon of the People Power Party are focusing on real estate pledges aimed at stabilizing housing for Seoul residents. The Asia Business Daily conducted a detailed analysis of the two candidates’ “Step-by-Step Development” (“ChakChak Development”) and “Fast-Track Integrated Planning 2.0” policies on May 28.

(On the left) Jung Won-oh, candidate for Seoul mayor from the Democratic Party of Korea, is inspecting the Jangwi 14 Housing Redevelopment Zone in Seongbuk-gu, Seoul, on the 29th of last month. (On the right) Oh Se-hoon, candidate for Seoul mayor from the People Power Party, is visiting the Haengdang 7 District in Seongdong-gu, Seoul, and inspecting the daycare center construction site on the 24th. Yonhap News Agency

Jung: 360,000 Homes to Be Supplied by 2031... Simultaneous Administrative Procedures

Candidate Jung has unveiled the “Seoul Housing 3136+ Step-by-Step Portfolio.” His plan aims to break ground on at least 360,000 housing units over the next six years to resolve the housing supply crunch.

Through five core measures of the “Step-by-Step Development” initiative, Jung pledges to reduce the average redevelopment project period from 15 years to within 10 years. The measures include: ▲implementing a “Simultaneous Application System” that streamlines complex administrative steps from the master plan to approval for management and disposition, shortening timelines by three years; ▲realigning the acquisition cost for association-purchased rental units to 80% of the standard construction cost to improve project viability; ▲delegating authority to district offices; and ▲dispatching specialized managers and a cost verification team under the direct supervision of the mayor to prevent conflicts and delays.

Democratic Party candidate for Seoul mayor, Jung Wono, announced policy proposals after touring the Jangwi 14 housing redevelopment district in Seongbuk-gu, Seoul on the 29th of last month. Photo by Yonhap News

In addition, Jung plans to supply 302,000 units through private and public redevelopment projects by 2031, as well as add 50,000 newly built purchase-lease units and 10,000 high-density reconstructed public rental units.

Jung especially emphasizes cooperation with the central government. He plans to generate policy synergy by expediting the groundbreaking for 32,000 units under the supply measures announced by the Lee Jae-myung administration on September 7 and January 29. He also expressed confidence in revising the Urban and Residential Environment Improvement Act and the Housing Act in collaboration with the administration and the ruling party.

Oh: 310,000 Units to Break Ground by 2031... “Super-Powered Incentives” for the Northern Districts

Candidate Oh has pledged, through his “Fast-Track Integrated Planning 2.0,” to break ground on 310,000 homes by 2031. To start, he will designate 85 districts—capable of beginning construction within three years and totaling 85,000 units—as “Core Strategic Redevelopment Districts,” providing intensive management.

He plans to implement an “ultra-short track” allowing associations to be established without a preparatory committee, and introduce “Fast-Track AI Planning” and “Fast-Track 120,” using artificial intelligence to review regulations and provide consulting. His strategy is to expand these approaches beyond redevelopment to all large-scale projects and the work of district governments, making them standard administrative practices.

Seoul Mayor Candidate Oh Se-hoon of the People Power Party visited the Daerim 1 District redevelopment site in Yeongdeungpo-gu, Seoul on the 7th to announce his housing policy. Photo by Yonhap News Agency

To further boost the northern and southwestern districts, Oh has also pledged a “six-item super-powered incentive package,” which includes measures such as enhancing land use along arterial roads and permitting floor area ratios of up to 1,300% in transfer station areas (Compact City concept).

Additionally, Oh plans to complete the “Seoul Chance Five-Category Housing” policy, building on schemes such as Mirinae Home, Baro Home, Saessak One-Room, and Youth Safe Housing. The “Seoul Chance” homes will include: ▲20,000 Mirinae Homes for long-term jeonse; ▲20,000 Youth Safe Housing units; ▲10,000 Saessak One-Room units; ▲600 Baro Home units (half-price installment homes); and ▲8,000 Seoul Nae Jip units—totaling 82,000 homes.

This content was produced with the assistance of AI translation services.