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Weekly Korean Market Update (10/30~11/5)

2023. 11. 06 · SPI
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Providing Up-to-date news and contents of Korean commercial real estate market including investment, REITs and market players.

People Power Party Formalizes ‘Mega City Seoul’ Plan, Lawmakers Promoting Legislation The ruling party, the People Power Party (PPP), has formalized its ‘Mega City Seoul’ plan that would incorporate Gimpo-si, Gyeonggi-do (Gyeonggi Province), into Seoul. This will be promoted through parliamentary legislation, which has a shorter process than government legislation. The ‘mega city’ plan refers to the phenomenon of incorporating surrounding small cities into an existing large metropolitan city. PPP has argued that mega-cities are a global trend, noting that Seoul’s area is smaller than its counterparts like London, New York, and Berlin, and that there is a need to restore Seoul’s population to exceed 10 million in order to […]

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