SEOUL: South Korea’s new government stated on Tuesday (Aug 16) it would supply 2 . 7 million new homes across the country over the next five years, including a lot of in big cities where a short supply has frequently been blamed for fast price rises.
The government plans to supply 500, 500 homes in the Seoul area over the five-year period, more than a fifty per cent increase in the amount supplied in the last five years, the Ministry of Land, Infrastructure and Transportation said in a declaration.
President Yoon Suk-yeol, who started their single five-year term in early May, offers promised to increase house supply in high-demand areas, criticising his predecessor’s policy of discouraging home purchases in the capital area.
The property ministry also said it would supply another 520, 000 new homes in other major cities over the following five years.
It added the federal government would provide various monetary, administrative and taxes advantages to young people and lower income-earners when they buy or rent homes.