Gov't to supply 300,000 public homes from 2021

Minister of Land, Infrastructure and Transport Kim Hyun-mee speaks at Seoul Government Complex, Friday, about the new plan to provide more homes to stabilize Korea's currently unstable real estate market. Yonhap

The South Korean government will supply 300,000 public homes starting in 2021 in a move to stabilize the overheated real estate market, the land ministry said Friday.

The government will complete the purchase of four to five idling sites in Seoul, Incheon and Gyeonggi Province by the first half of 2019 and gradually start providing the public houses in 2021, the Ministry of Land, Infrastructure and Transport said in a statement.

The government plans to build four to five new small residential towns between Seoul and the existing large residential areas of Ilsan and Bundang. Gyeonggi Province will supply homes to the underprivileged people at low prices and rates, the statement said.

It will announce one to two sites for small residential towns near Seoul within this year, it said. (Yonhap)