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South Korean President Lee Jae Myung said on October 11, 2026, that housing permits and construction projects in Seoul and the wider metropolitan area were beginning to recover, and predicted that housing supply would normalize soon. That is Lee’s assessment, reported by Maeil Business Newspaper (MK); the report does not independently establish that more homes have been completed or delivered.
What Lee said on October 11
MK reported that Lee posted on X that a three-year supply disruption in Seoul and the metropolitan area would soon normalize. He described permits and construction projects—which he said had fallen sharply after the 2022 presidential and local elections—as entering a full recovery. The report also quoted him urging people to assess the government using facts and to acknowledge progress being made. The English-language MK page says it was translated using AI, so its English wording should not be treated as a verified verbatim translation of Lee’s Korean post. MK’s October 11 report
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What a recovery in permits does—and does not—show
Housing delivery moves through distinct stages: a project may receive a permit, begin construction, and eventually reach completion. A rise in permits or active projects can be an early sign of renewed building activity, but it does not show how many homes have been completed, when they will be occupied, or whether supply has recovered across the region. The reports available here do not provide one consistent dataset tracking permits, construction starts, and completions, so Lee’s statement is not proof of a completed-housing recovery.
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On October 5, Seoul Economic Daily reported that Lee had said housing construction permits had risen about 50% year over year in recent months. This is a figure attributed to Lee; the article does not supply the underlying data series for independent comparison. Seoul Economic Daily’s October 5 report
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Construction projects
Lee’s October 11 remarks described permits and construction projects as recovering, but the MK report does not quantify the number of projects, construction starts, or homes under construction. Project activity should therefore not be read as a count of new homes already available.
Completed homes
The October 11 report does not establish that completed housing supply has returned to normal. Completion data would be needed to assess delivered homes, alongside clear time periods and geographic coverage.
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Policy context and the 2030 target
Seoul Economic Daily reported in February that measures announced on September 7 set a target of supplying 1.35 million housing units in the Seoul metropolitan area by 2030. That is a forward-looking government target, not a tally of homes already built. The same February coverage described bills concerning public-housing procedures, permitting support, and land development as delayed or pending at that time; that historical status should not be taken as a statement of their current status. Seoul Economic Daily’s February 17 report
In its October 5 account, Seoul Economic Daily said Lee had directed the government to accelerate permits and land supply, with progress monitored daily under the prime minister and reported weekly to the president. It also reported that he instructed the Korea Land and Housing Corporation (LH) to commit to purchasing some unsold units for rental housing, aiming to address developers’ hesitation to start construction. These are measures reported by the newspaper, not evidence that the intended construction or purchases have already occurred. Seoul Economic Daily’s October 5 report
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Lee’s separate remarks on loans for homes already sold
Lee also reportedly addressed buyers whose homes had already been sold but whose loans were affected by lending restrictions. According to MK, he said lending should follow the original agreement in such cases and that he would take action if a lending site had not corrected a restriction. This is a reported commitment; the article does not verify that every affected borrower received credit or that all restrictions were changed. MK’s October 11 report
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Lee named interest rates, auction volumes, mortgage delinquency, and the scale and pace of housing-related tax and supply measures as factors to monitor. To judge whether the claimed recovery is translating into housing availability, readers should distinguish permits and project activity from construction starts and completions, and check that figures cover the same geography and time period.
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