Gov’t to support construction of 1.35 mil. new homes by 2030

The government will supply 1.35 million new homes by 2030 under a new housing plan announced Sunday to stabilize the real estate market in Seoul and the surrounding capital area. This is equivalent to adding 270,000 new homes in Seoul, Incheon and Gyeonggi Province per year, and a net gain of 110,000 new homes compared to the average from 2022 to 2024. Along with the home supply, the financial authority also announced tougher loan regulations on properties in overheated areas to rein in mounting household debt and soaring home prices. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol and Minister of Land, Infrastructure and Transport Kim Yoon-duk, along with other government ministers, held a meeting Sunday and announced the new housing plan. It is a follow-up measure to a June 27 mortgage regulation, which was seen as the government's strongest-ever measure by introducing a loan ceiling of 600 million won for home purchases in the Seoul metropolitan area. The land ministry noted that the June 27 regulation instantly dampened nationwide housing debt, but apartment pWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times