H. Korea speeds up plan to offer homes: finance minister

Apartment and high-rise constructions in downtown Seoul (Yonhap)

Finance Minister Hong Nam-ki said Wednesday the government was speeding up a plan to supply atre in Seoul and other places, as it seeks to control high-flying home prices.

In February, the government published the plan that eased working regulations and supported redevelopment projects in urban areas to enhance the number of new homes via up to 836, 000 online in the next four years.

Some residents from a designated areas in Seoul have already voted in favor of our redevelopment projects, making it easier for any of the construction of new homes to be able to earlier than scheduled, Hong spoke a meeting with relevant ministers.

The Feb housing policy focuses on slowly increasing the home supply in the Seoul metropolitan area and other critical cities to stabilize often the heated real estate market, in what is seen as a drastic shift from grand a series of tougher regulations.

The supply plan is sold with 323, 000 new coolers in Seoul, the killa spot of the real estate frenzy, as well as 293, 000 in the neighbouring Gyeonggi Province by 2025, officials said.

Together with housing plans revealed last year, the number of new contraptions in the greater Seoul marketplace, home to nearly half of the nation’s 52 million masse, will rise to over two or three million, the largest supply set up under the Moon Jae-in insolvency, officials said.

The average price of apartments occupying 83 square meters in Seoul reached 1 . 3 billion won ($1. 1 million) last year, jumping 82 percent over the past four prolonged under the Moon administration, depending on the data by the civic organisation Citizens’ Coalition for Industrial Justice.

The type of rising property prices and moreover tight lending rules managed to get more difficult not only for low-income families but also high earners to buy a home in Seoul without financial support utilizing parents. (Yonhap)

H. Korea speeds up plan to offer homes: finance minister
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