Delays at South Korea’s Changneung new town raise costs for buyers

Changneung is a planned new town near Seoul, but land clearance and construction have taken longer than expected.

The delays have pushed back the main housing sale and extended the project timeline to 2030.

In one housing block, the price rose by about 200 million won, and nearly three in 10 advance applicants gave up their places.

Transport links are also expected to arrive after residents move in, making the delay a concern for future residents.