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This paper discusses different perspectives on the construction of New Administrative Capital, with the objective of presenting directions for real estate policies for the construction of the new city in the future. It is argued that to achieve the dual objectives of reducing over-concentrated Seoul Metropolitan Area and pursuing a balanced regional development, the range of functions to be accommodated, the character of the city, and the location of the city need to be determined, and thus it is preferable for the new city to be a New Administrative Capital, rather than a New Capital. In addition, it is explained that to attract population from Seoul Metropolitan Area, it is more effective to develop the new city as a sub-center of an existing metropolitan area, rather than as an independent new city with target population of 500,000.
To effectively promote the New Administrative Capital, programs including collection of development benefits by the public sector, revision of national territory planning system, enactment of special law for construction of new administrative capital, strategies to promote growth of regional metropolitan area, and strategies to promote Seoul's strategic industries are introduced.

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