DP to supply over 10,000 houses in capital region under special project

All News 11:56 June 10, 2021

SEOUL, June 10 (Yonhap) -- The ruling Democratic Party (DP) said Thursday it will supply more than 10,000 houses in six cities near Seoul starting next year through a special project aimed at stabilizing the overheated real estate market.

The so-called "home for anyone" project, unveiled by the party's special committee on real estate, is the latest in the DP's policy efforts to rein in runaway property prices, seen as a major reason for its debilitating defeat in the Seoul and Busan mayoral by-elections in April.

Under the project, a total of 10,785 houses will be distributed in six cities in the capital region -- Incheon, Ansan, Hwaseong, Uiwang, Paju and Siheung -- according to Rep. Kim Jin-pyo, the chair of the party committee.

"The DP will designate contractors within this year with a goal of starting to distribute the units in early 2022," Kim said in a press conference.

The project was proposed by DP Chairman Rep. Song Young-gil, who pledged to give non-homeowners, especially young people, opportunities to buy a house amid skyrocketing prices.

The project enables people to rent a house at the deposit price of up to 16 percent of the house's initial price. Rent fees will be set at 80-85 percent of market prices.

After living there for 10 years, they earn the right to buy the house at the initial sales price.

Separately under the project, a total of 5,800 houses in Hwaseong, Yangju, Paju and Pyeongtaek, all in Gyeonggi Province, will be available for advance application for purchase starting next year, the committee also announced.

The committee will unveil another set of home supply plans in Seoul and nearby cities in late June in collaboration with DP members of the Seoul Metropolitan Council, the party said.