August 17, 2022 13:18
The government has promised to supply 2.7 million new quality homes over the next five years in a bid to stabilize soaring apartment prices.
The government announced the plans on Tuesday with a projected supply volume even higher than the 2.5 million new homes President Yoon Suk-yeol pledged on the campaign trail.
Seoul will see construction of 500,000 new homes by 2027 and the surrounding region 1.58 million, while another 1.12 million will be built in other parts of the country, said Won Hee-ryong, the minister of the Ministry of Land, Infrastructure and Transport.
The new homes will be built near major transportation hubs with a focus on trying quality apartments for young and poorer households instead of simply increasing quantity. There have been constant complaints over cramped, shoddily built public housing in unpopular locations.
Won also said the ministry is considering a gradual phase-out of basement flats, which made headlines after three members of a family in Seoul died when they became trapped in one in last week's record floods.
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