Gov't to Supply More Homes to 1st Time Buyers

The government is looking to supply more homes to young couples and first-time buyers.

Finance Minister Hong Nam-ki said Wednesday that the government will ease eligibility requirements for applying for new apartments.

Couples with an annual income up to W110 million are now able to apply for relatively affordable new apartments, which are expected to cover about 90 percent of newlyweds and first-time homebuyers (US$1=W1,145).

The government requires developers to reserve 30 percent of new homes they build to these groups.