120,000 more public homes to be supplied by this year
简介The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this ...
The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this year to help ease the housing crunch in the sluggish market.
The plan came after the government held a meeting earlier in the day attended by Finance Minister Choo Kyung-ho, Land Minister Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun.
Since the second half of last year, rising construction costs and an increase in real estate project financing borrowing rates have worsened the supply conditions in Korea. The number of building permits issued from January to August this year has decreased by 39 percent compared to the same period last year, totaling 213,000 units.
"We will diligently implement this plan to ensure that the public can feel that high-quality housing is being adequately supplied where needed," Choo said.
With the additional 120,000, the government hopes to deliver more than 1 million housing units by next year. The Yoon Seok Yeol administration aims to supply a total of 2.7 million homes in Yoon's five-year term until 2027.
First of all, the government said it will provide an additional 55,000 public housing units, which includes 30,000 units in the third new town.
Also, the new apartments which were set to be constructed in the new public housing sites will be expanded to a total of 85,000 units, which is an increase of 20,000 units from the initial plan of 65,000.
The government plans to announce these candidate sites for new public housing in November.
Originally, the plan was to announce new public housing sites in the first half of next year, but it has been brought forward and expanded.
The government also plans to provide incentives to construction companies that receive early approvals.
If a construction company receives early approval for public housing construction, it will be given priority for a portion of the new land for housing construction.
To address construction firms' concerns about unsold homes, the government will support the conversion of existing sales projects to rental projects.
Existing public support for private rental housing will be doubled from 10,000 units per year to 20,000 units per year, and the tenant selection process will be simplified.
The government will also increase the guaranteed size of PF loans from 15 trillion won ($11 billion) to 25 trillion won.
To support the guarantee capacity of the Korea Housing & Urban Guarantee Corp., capital strengthening will be carried out simultaneously.
The loan limit for PF loans will be raised from 50 percent of the total project cost to 70 percent. The criteria for PF loan guarantees will also be relaxed to expand the scope of projects eligible for guarantees. Previously, only construction companies within the top 700 in subcontractor rankings were eligible for PF guarantees, but now, regardless of subcontractor rankings, they can receive guarantees.
South Korean drama production Studio Dragon said Friday it notched accolades at the 2023 Asian Acade ...
국민의힘 이준석 전 대표가 지난 11일 '천아용인'과 회동하고 있다. 이 전 대표와 허은아 의원, 김용태 전 청년최고위원, 천하람 순천갑 당협위원장, 이기인 경기도의원은 11일 저 ...
더불어민주당이 이재명 대표의 ‘대북송금 의혹’을 수사하는 이정섭 수원지검 2차장 등 검사 2명에 대한 탄핵을 추진한 데 이어 12일 김건희 여사의 ‘주가조작 연루 의혹’ 수사검사의 ...
Samsung, SK chiefs to visit ASML to discuss chip alliance
야당, 노란봉투·방송3법 강행…여당, 필리버스터 예고
Samsung Electronics accounts for 84% of Q3 smartphone sales
STX to supply lithium with South American partners
Culture minister to discuss exchanges with Vatican this week
Seoul shares open higher on hope for exports recovery
- 내년 총선, 정부여당 견제론 44% 지원론 44% '동률' [NBS]
- Seoul shares open higher on US gains amid rate woes
- [Korean History] In 2008, Korea's National Treasure No. 1 went down in flames
- 김웅 “한동훈, 돌 좀 맞고 욕먹더라도 강남 3구서 출마해야”
- ‘Gorpcore’ a global validation of Korean ajeossi’s fashion instincts?
- LG Energy Solution names new CEO to propel growth
- Zyx Technology donates CAD software to Sungkyunkwan University
- S. Korea, Britain forge strategic partnership on ODA projects
- [Herald Interview] Cha Seung
- SK, Hilleman team up to develop next
- Hyundai Motor bolsters global partnerships through Expo campaign
- Hyundai’s ‘Uni Wheel’ system gives more room for different car designs
- 정부, GP 복원 계획…김태효 "北 무장에 가만히 있으면 안된다"
- Music industry seeks solution to ticket scalping through public discussion
- YouTuber suspected of livestreaming after taking drugs
- Trilateral cooperation unaffected by US election outcomes: Goldberg
- Dog meat group threatens to release 2 million dogs near presidential office
- [Today’s K
- Cheong Wa Dae to open for winter night stroll event
- S. Korea's Busan making last
- German envoy calls for enhanced security cooperation with S. Korea
- Yoon orders increased defense of public digital infrastructure
- HiteJinro soju seeks bigger footing in UK
- Seoul anticipates 3
- Transgender blind spot in hospitalization: NHRCK
- [Herald Interview] 'Korea strives to set global standards for data protection in generative AI era'
- LS Materials to tap deeper into EV, green energy markets
- S. Korea, Japan, China agree to accelerate summit efforts
- 'Do not open plane doors' warning mandated for planes in flight
- BOK likely to keep policy rate unchanged on slowdown, hope for Fed's rate freeze, easing inflation