Seoul: South Korea has announced an ambitious plan to supply at least 230,000 homes in the greater Seoul area as part of its efforts to address the ongoing housing affordability crisis.

According to Yonhap News Agency, the plan involves easing lending rules and lifting greenbelt restrictions to facilitate the construction of new homes. The initiative will focus on areas including Namyangju and Yeomchang, with construction expected to begin within the next three to four years. The government aims to unlock 30 trillion won in mortgage loans to support these developments.

The initiative also includes a target to secure additional land by the end of the year to build another 73,000 homes. This move is seen as a critical step to meet the housing demands in the densely populated Seoul metropolitan area. The government plans to use land in Namyangju and other regions to reach its target. This plan is expected to be incorporated into the country's five-year housing strategy, reflecting the urgency of addressing housing shortages in urban centers.

The announcement has been met with mixed reactions, with some expressing hope that it will alleviate housing pressures, while others remain concerned about the potential impact on the environment and local communities. The decision to lift greenbelt restrictions, in particular, has sparked debate over the balance between development and environmental conservation.