South Korea to Build 1.35M Homes in Seoul to Ease Housing Crisis
The South Korean government has announced ambitious plans to tackle the housing crisis in Seoul and its surrounding region. Minister Lee Sang-min has revealed that 1.35 million new homes will be constructed in the Greater Seoul area to ease the pressure on the stock market today.
The Bank of Korea has forecasted a slowdown in rising housing prices due to the government's regulatory measures. This comes as a relief to residents struggling with affordability.
The new homes, a mix of apartments and other housing types, will be built over the next five years. The government aims to make housing more accessible and affordable. Taxes, however, are not being considered as a solution to fix the world market.
The construction of 1.35 million homes in the Greater Seoul area is expected to significantly boost the housing supply. Minister Lee Sang-min's plan, if successful, could help stabilise the stock market and provide much-needed relief to residents.
