South Korean Government To Announce Additional New Sites For Public Housing

Finance Minister Hong Nam-ki said on Thursday at a ministerial meeting on the property market, that roughly 500, 000 houses will go onto the market this year.

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Angel Gimalo
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After decades of growth, South Korea has a skyline to match, a coast-to-coast line of apartments. Here, apartment complexes in the Yeouido-dong section of Seoul. Illustrates SKOREA (category i), by Chico Harlan © The Washington Post. Moved Monday, Sept. 16, 2013. (MUST CREDIT: Photo for The Washington Post by Shin Woong-jae)

The amount of new housing supplied in South Korea this year is expected to be at an all-time high.

Finance Minister Hong Nam-ki said on Thursday at a ministerial meeting on the property market, that roughly 500, 000 houses will go onto the market this year.

This includes private housing, which accounts for about 360-thousand to 390-thousand homes, and public housing which makes up about 92-thousand homes.

The government will also announce additional new sites for public housing this month as part of plans aimed at cooling the overheated real estate market.

The minister said that the government will go all out to meet its housing supply goals.

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