(LEAD) S. Korea unveils plan to supply additional 110,000 homes in Seoul, adjacent areas

All News 10:50 May 07, 2019

(ATTN: ADDS photo, minister comment in para 3)

SEOUL, May 7 (Yonhap) -- The South Korean government on Tuesday announced a plan to supply 110,000 additional homes in Seoul and adjacent areas to stabilize the housing market.

On top of the 190,000 new homes announced in September and December, 110,000 homes will be created in Seoul and adjacent metropolitan areas, the Ministry of Land, Infrastructure and Transport said in a statement.

"The government will continue to focus on stabilizing the housing market and providing homes to end users in Seoul and neighboring areas," Land Minister Kim Hyun-mee said in a press briefing.

The latest supply plan includes two large residential complexes that will accommodate 58,000 households in Goyang and Bucheon in Gyeonggi Province, it said.

The ministry said it will strengthen public transportation systems to allow access to the selected sites within 30 minutes by extending existing subway lines and establishing new roads, railway systems and transfer stations.

In September, the government outlined its broad plan to provide 300,000 "low-priced but quality" homes to the underprivileged as home prices have skyrocketed, particularly in Seoul and metropolitan areas, for years amid ample liquidity in the markets.

Helped by the home supply plans and hefty taxation on real estate, the country's real estate market has been stabilized since October, the ministry said.