S. Korean gov't vows to supply more houses to tame soaring prices
Updated: 2021-07-28 09:59:44 KST
South Korea's housing market is getting hotter than ever despite efforts by the government over the past couple of years.
Finance Minister Hong Nam-ki once again vowed to go all out to tame the country's runaway house prices through focusing on increasing supply.
His remarks came on Wednesday during the joint briefing with real estate-related ministers saying the country should be united to stabilize the market.
"Our number one goal would be to supply more homes in the country. The government will supply houses according to the plan and will strive to provide them as soon as possible. Also, we will be open to all possibilities to secure new housing sites."
He also said, this year, in total, there'll be around 460-thousand new units, with 83-thousand of them in Seoul. He added that in fact this is around the yearly average over the last ten years and that the shortage is not as bad as it seems.
The Minister of Land, Infrastructure, and Transport Noh Hyeong-ouk also pledged to strictly carry out the plan to build some two million, fifty thousand new housing units across the country by 2030, including one.eight million units in the capital area.
Under the plan, the government will supply 240-thousand new public houses at designated areas including the six sites for the third stage of South Korea's New Town Developments Plan.
The government will also strive to prevent an influx of liquidity by keeping the rise in household debt under 6 percent, and has proclaimed an all-out war against speculative forces.
Eum Ji-young Arirang News.