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Gov't to supply more homes, develop unused sites in capital area Updated: 2020-08-04 17:03:29 KST

In Seoul and the surrounding areas, more than 130-thousand additional homes will be supplied, to try to get more people onto the property ladder.
When including previously announced supply plans, that brings the total number of new homes to 260-thousand in total.

"We will do our utmost to curb market speculation and help people in need of homes. In that regard, we will provide more than half of the new homes to those who are buying homes for the first time, young people and newly married couples."

To do that, the government said Tuesday that it will develop unused sites in the capital area, while easing regulations on residential floor space.
In Seoul, the areas slated for development include a golf course in Taereung and a former U.S. military camp site in Yongsan.
Also on the list are other plots of state-owned land in the greater Seoul area.
The government will also raise the floor area ratio by up to 500 percent for reconstruction, for firms working with public institutions like Korea Land & Housing Corporation.
Those reconstructed apartment buildings can go up as high as 50 floors.
But developers have to give back up to 70 percent of that extra space so that it can be used for public leases.

On Tuesday, the ruling party passed revisions on real estate policy, including raising tax rates on those who own multiple homes, particularly in speculative areas.
Following a revision on the lease reporting system, landlords and tenants must report to their local government within 30 days of signing a contract, starting from next June.
Yoon Jung-min, Arirang News.
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