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Home prices in greater Seoul area show signs of stabilizing: finance minister

All News 08:20 September 08, 2020

SEOUL, Sept. 8 (Yonhap) -- Home prices in Seoul and its neighboring area have shown signs of stabilizing due to the government's measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Tuesday.

"Market sentiment in the greater Seoul area, which had showed signs of overheating, appeared to have become calm in August," Hong said.

Last month apartment prices in Seoul largely remained flat, Hong said, citing industry data.

Apartment prices in Seoul rose 0.01 percent in the final two weeks of August, compared with a gain of 0.04 percent in the first week of last month, Hong said.

In particular, apartment prices in Seoul's Gangnam Ward remained flat last month, Hong said.

In July, the government announced its toughest measures yet to rein in rising housing prices, as a series of steps, including tax hikes and loan regulations, failed to put the brakes on soaring home prices.

The government also announced it will supply 132,000 homes, including 110,000 homes in Seoul, in the capital city and neighboring areas by 2028 by easing restrictions on the construction of residential buildings.

As part of the supply measure, the government will start selling 30,000 public units next year and another 30,000 homes in 2022 in the greater Seoul area, Hong said.

Finance Minister Hong Nam-ki (R) speaks at a meeting with economy-related ministers on Sept. 8, 2020. (Yonhap)


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