The South Korean government is looking to supply more homes to newlyweds and first-time home buyers through public and private development projects.
Finance Minister Hong Nam-ki said Wednesday that the government plans to ease eligibility requirements like income standards so that about 90 percent of newlyweds and first-time home buyers can afford to get their own place.
Currently, the government requires developers to sell 30 percent of the new homes they build to these groups.
Also to bring down housing prices, the government is also closely monitoring prices of jeonse, a system in which tenants pay a large one-time deposit instead of monthly rent.
Finance Minister Hong Nam-ki said Wednesday that the government plans to ease eligibility requirements like income standards so that about 90 percent of newlyweds and first-time home buyers can afford to get their own place.
Currently, the government requires developers to sell 30 percent of the new homes they build to these groups.
Also to bring down housing prices, the government is also closely monitoring prices of jeonse, a system in which tenants pay a large one-time deposit instead of monthly rent.
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