The South Korean government and the ruling Democratic Party held a meeting this morning to roll out additional plans to increase housing supply in order to stabilize the overheating real estate market.
The plans include supplying more than 100-thousand public leases in Seoul and the surrounding areas, as well as measures to enable apartment blocks to contain more housing units by raising the residential floor area ratio.
The authorities also plan to supply more homes using unused sites in the capital area.
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"What we will unveil today will include supplying more houses than the markets and the media have expected. We have prepared various measures to curb the overheating real estate market and help low-income people who don't own their home."
This afternoon, the ruling party plans to put to a vote revisions on real estate policy, including raising tax rates on those who own multiple homes, particularly in speculative areas.