Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance today (19th) said, "Over the next two years, 114,000 units nationwide, 70,000 units in the metropolitan area, and 35,000 units in Seoul were purchased. We will supply it in a net increase method such as housing," he said.
Deputy Prime Minister Hong said, while announcing plans to support housing stability for the low-income and middle-class people at a meeting of ministers related to the real estate market inspection held at the government's Seoul government building today.
Deputy Prime Minister Hong emphasized, "The government focused on expanding the supply of rental housing by excluding demand-managed cheonsei measures such as conversion of demand for cheonsei and liquidity supply, and increasing the total amount of housing inventory."
While unveiling plans to supply rental housing nationwide over the next two years, he added, "We plan to proactively expand the base for mid- to long-term housing supply, such as discovering additional housing sites and improving private construction regulations."
Deputy Prime Minister Hong said, "In particular, in order to resolve the difficulties in the jeonse market, we have decided to devote all our efforts to securing the supply of very short-term supplies until the first half of 2021."
He said, "We will build and secure 49,000 new rental houses nationwide and 24,000 units in the metropolitan area as soon as possible in a net increase method."
"Out of the planned volume in 2021, 19,000 units nationwide and 11,000 units in the metropolitan area are shortened the occupancy period from the second half to the first half and the second quarter to the first quarter. I decided to do it."
Deputy Prime Minister Hong said, "We have decided to strengthen support for the stability of housing for tenants, such as lowering the guarantee rate to support the fulfillment of the rental deposit guarantee subscription obligations of other registered rental companies."
He predicted, "With this measure, the nationwide supply volume (based on completion) in 2021 and 2022 will be at the same level as in previous years, and the problem of supply shortage in the next two years, which has been worrying so far, is expected to be resolved."
(Photo = Courtesy of Ministry of Strategy and Finance, Yonhap News)