The government plans to lift regulations on the so-called "greenbelt" zones in the capital area to stabilize the skyrocketing home prices in the region.

During a ministerial meeting on Thursday, the government announced plans to supply a total of 80-thousand homes, a fourfold increase from its previous plan.

This follows the previous Lee Myung-bak administration's lifting of regulations on greenbelts, which refer to development-restricted areas, in Seoul from 2009 to 2012.

The government will first announce new housing sites for 50-thousand homes in November, including 10-thousand homes in Seoul, while the site for the remaining 30-thousand homes will be announced next year.

The government will also look to speed up the process, as it usually takes about eight to ten years from designating the new housing zones to actual residency.