First part of 3-year economic plan focused on reining in household debtUpdated: 2014-02-26 AM 10:22:07 (KST)
Balancing record-breaking exports with greater domestic activity is a key economic objective of President Park and the government has put together a detailed plan to reinvigorate the housing market as the first concrete step to boost demand.
Finance Minister Hyun Oh-seok told a meeting of economy-related ministers on Wednesday that there is an urgent need to stabilize skyrocketing housing rent fees to allow consumers to spend more on other things.
To control prices in Korea's traditional rental system called jeonse, the government will make sure some 500-thousand new homes will be built over the next three years.
The government will also offer low-interest loans totaling 11 trillion won, or 10 billion U.S. dollars to new home-buyers to ease their burden.
It'll also draw up tailored plans for people seeking to rent their home on a monthly basis.
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