South Korea unveils package to boost housing supply, support young buyers
The package includes new policy loans for young people and newlyweds, while keeping lending limits in place to curb speculative demand.
- On Thursday, South Korea's Financial Services Commission announced it will raise construction financing support to 47.8 trillion won and ease borrowing rules for young homebuyers to stabilize the housing market.
- President Lee Jae-myung faces approval ratings of 51 per cent, with housing market policy cited as a main factor after house prices rose sharply in June, prompting government intervention.
- The FSC increased construction financing support to 47.8 trillion won from a planned 26.3 trillion won, while aiming to manage debt growth at around 3% this year instead of the previous 1.5% target.
- FSC Chairman Lee Eog-weon detailed new long-term mortgage loans for young people and a guarantee product for "jeonse" deposit refunds, while easing the "marriage penalty" for newlyweds seeking home purchases.
- The FSC will maintain existing loan-to-value and debt-service ratio rules while strengthening monitoring to distinguish between loans supporting actual home purchases and those contributing to speculative demand.
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South Korea unveils package to boost housing supply, support young buyers
South Korea unveils package to boost housing supply, support young buyers, Asia News
SEOUL — South Korea said on Thursday (Aug 13) it would raise financial support for construction projects and ease regulations for young homebuyers as part of efforts to stabilise a red-hot housing market.Earlier this month, the government of President Lee Jae-myung proposed higher taxes on wealthy homeowners. Lee's approval ratings have been falling on rising house prices and stock market...
Government Installs ‘Housing Supply Dashboard’… Prime Minister Continues to Oversee Supply Situation
To accelerate the pace of housing supply, the government has decided to establish a government-wide review meeting chaired by the Prime Minister, deploy a dedicated team within the Office for Government Policy Coordination, and introduce a dashboard to manage the status of nationwide housing projects in real time.
(Ulsan = Yonhap News) Reporter Kim Yong-tae = Ulsan City announced on the 13th that it has prepared and is implementing 'housing stability measures' to respond to the rising trend in apartment sales and Jeonse prices.
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