The ruling Democratic Party(DP) and the government have agreed to significantly boost the supply of new homes in the Seoul metropolitan area in order to tame soaring real estate prices.
DP Floor Leader Kim Tae-nyeon, chief policymaker Cho Jeong-sik, Finance Minister Hong Nam-ki and Land, Infrastructure and Transport Minister Kim Hyun-mee met at the National Assembly on Tuesday morning to discuss the plan. The government will announce the measures later in the day.
Kim, the DP's floor leader, said the measures will include a supply volume that goes beyond what the media and market had forecast, while most of the new homes will be in the form of long-term public rent and public tract housing.
The ruling party's chief policymaker said the DP and government intend to continue boosting the apartment supply, expanding volume in Seoul over the next three years from the present 40-thousand housing units a year to around 45-thousand.
They said they plan to utilize military-use and government-owned spaces in the capital for the new apartments.