South Korea plans to provide 2.7 million new homes over 5 years | Housing

Authorities says it would provide 500,000 properties within the Seoul space over five-year interval.

South Korea’s new authorities has unveiled plans to produce 2.7 million new properties throughout the nation over the subsequent 5 years, together with lots of of 1000’s of properties in massive cities the place a brief provide has been blamed for speedy worth rises.

The federal government plans to produce 500,000 properties within the Seoul space over the five-year interval, a greater than 50 p.c improve from the quantity equipped previously 5 years, the Ministry of Land, Infrastructure and Transport stated in a press release on Tuesday.

President Yoon Suk-yeol, who began his single five-year time period in early Could, has promised to extend residence provide in high-demand areas, criticising his predecessor’s coverage of discouraging residence purchases within the capital space.

The land ministry additionally stated it might provide one other 520,000 new properties in different massive cities over the subsequent 5 years.

It added the federal government would offer varied monetary, administrative and tax benefits to younger individuals and decrease income-earners after they purchase or lease properties.