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S. Korea to supply 2.7 mil. houses nationwide over next 5 years mainly in high demand areas Updated: 2022-08-16 12:28:40 KST

In a bid to stabilize overheating real estate prices in South Korea, the Yoon administration has unveiled its first housing supply plan.
Finance Minister Choo Kyung-ho, during a meeting on the property market Tuesday said, through rebuilding old properties, houses will be supplied in high demand areas like Seoul and its surrounding regions.
In keeping with one of the key pledges made by President Yoon, over the next five years, the government plans to supply around two.seven million homes nationwide, mainly in high demand areas.
Also to get more people on the property ladder, the government will provide some 500-thousand new homes at levels below 70 percent of market prices for newly-weds, young adults and those buying their first home.
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