Public Land Banking Solicitation Worth 500 Billion Won Launched to Support Housing Supply in the Seoul Metropolitan Area

[Financial News] The Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation (LH) will launch a public solicitation to purchase public land for supply-and-demand adjustment as a follow-up to the August 13 measures.
MOLIT said on the 8th that it would begin the “2026 Public Land Banking Purchase Solicitation for Supply-and-Demand Adjustment” that day.
The solicitation is a follow-up to the August 13 housing supply measures and marks the first pilot project to secure public land in advance to stabilize the market.
The project will be open not only to institutions and companies but also to individuals and corporations. MOLIT plans to review, over one month starting on the 29th, land offered for sale based on its potential use for public-interest projects and suitability for public land banking, and select properties for purchase worth 500 billion won in total.
Eligible properties are at least 3,300 square meters of land within the Seoul metropolitan area—including Seoul, Gyeonggi Province, and Incheon Metropolitan City—that can be used to build apartment complexes as of the application date. Land with buildings on it, land subject to mortgages or attachments, and farmland or forestland whose acquisition or use is restricted will be excluded.
The purchase price will be determined through consultation with the owners, within the arithmetic average of the appraised values assessed by two appraisal firms selected by LH.
Those wishing to sell land may submit an application for sale and other required documents by visiting one of LH’s four Seoul metropolitan area headquarters, by mail, or through the LH website from the 29th through the 28th of the following month.
Starting on the date of the announcement, MOLIT will also provide customized on-site preliminary consulting for institutions and companies holding idle land in the Seoul metropolitan area that could be used for projects, allowing them to receive consultations in advance.
A MOLIT official said, “We plan to actively pursue the project so that land secured in the Seoul metropolitan area through this public land banking program for supply-and-demand adjustment can be quickly used to provide housing in urban areas. As this is the first pilot project to implement a public land banking system for housing supply, we will continue to improve the system after gathering a wide range of opinions.”
[email protected] Kyung-soo Jung Reporter