Gov't Promises to Supply More Homes in Capital Area

  • Arirang News

    August 05, 2020 08:48

    The government on Tuesday promised another 130,000 new homes to help more people onto the property ladder. That brings the total number of new homes the government plans to supply to 260,000.

    The government said it will develop unused sites in the capital area and ease regulations on residential floor space. In Seoul, the areas slated for development include a military golf course in Taeneung and the former U.S. garrison in Yongsan. Also on the list are other plots of state-owned land in the greater Seoul area.

    Land, Infrastructure and Transport Minister Kim Hyun-mee (far left), Finance Minister Hong Nam-ki (center) and acting Seoul Mayor Seo Jung-hyup talk during a press conference at the government complex in Seoul on Tuesday. /Yonhap

    The government will also raise the floor space ratio by up to 500 percent for aging apartment buildings if they are reconstructed in part as public housing.

    The ruling Minjoo Party the same day passed yet another set of revisions of real estate policy, including raising taxes for those who own multiple homes, particularly in speculative areas.

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