Half-Price Apartment to Debut in 2nd Half
By Kim Yon-se
Staff Reporter
People will be able to own apartments after paying only 51 percent of the housing price from the second half of the year.
President-elect Lee Myung-bak's transition team announced Thursday that it will supply small-sized apartments to low-incomers who do not own apartments.
Under the proposed plan, a person can own a new apartment if he or she pays 51 percent of the apartment price, with the remaining 49 percent owned by investors ― either funds, institutions or individuals. Apartments with a floor space of 85 square meters or less are available under the new plan.
If a builder supplies apartments for 200 million won per unit, a person can own the apartment by paying 102 million won. The owner of the house, as the largest stakeholder, has the right to sell it, but there will be a certain lock-up period before any sale is allowed. The owners and investors will share profits in proportion to their stakes.
The upcoming administration and the Grand National Party (GNP) will rewrite the related laws in June for implementation in the second half of the year.