The government on Wednesday announced a set of measures to boost new housing and development projects, including the lifting of green-belt restrictions around the capital area, to reinvigorate recently dwindled housing projects across the country.

The Ministry of Land, Infrastructure and Transport announced the measures centered around the housing policy for 2024 at a government policy debate forum attended by President Yoon Suk Yeol in Goyang, northwest of Seoul.

The ministry said it plans to expand the supply of public housing this year through the exploration of new development sites to exceed its initial plan of 125,000 units to more than 140,000 units.

The plan involves utilizing areas that include green-belt zones and unused land to discover new development sites within the greater Seoul area in order to supply the some additional 20,000 units.

It also aims to secure an additional supply of over 30,000 housing units in the capital region by adjusting the floor area ratio rules by more than 5 percentage points and revise the ratio of public parks and green spaces to streamline land use.

Furthermore, the ministry pledged to speed up new city-level development projects by over six months through financing programs via new real estate investment trusts established through various public-private funds.

It also plans to invite more private construction companies to participate in public housing projects.

The rate of private sector participation in public projects will be raised to 15 percent this year, up from 4 percent in 2023. The government plans to gradually expand the proportion to 30 percent by 2027. (Yonhap)