The government will push to expand the supply of non-apartment housing such as officetels in the greater Seoul area to curb rising home prices.

Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, said, "We will supply 90,000 non-apartment purchase-rental dwellings in the greater Seoul area over two years by 2027," adding, "Of those, 66,000 will be supplied in regulated area."

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, delivers opening remarks at the Emergency Economic Headquarters and Ministers' Meeting on Economic Affairs, the National Start-up Era Strategy Meeting, and the Ministers' Meeting on Real Estate held at Government Complex Seoul in Jongno-gu, Seoul, on the 22nd. /Courtesy of News1

On the 22nd, Koo presided over a real estate-related ministers' meeting and stated accordingly, "Non-apartment housing such as officetels can be supplied relatively quickly, so we can expect a visible expansion of supply within one to two years."

He said, "We aim to ease housing difficulties for young people by supplying non-apartment units," adding, "By applying modular construction methods, we will shorten construction periods and ease expense burdens on developers to induce early groundbreakings."

Koo also said, "For dwellings that have already received permits but have not yet broken ground, we will carry out thorough, close management for each business sites," adding, "We will resolve on-site bottlenecks immediately and manage the process so that funding strains do not occur at business sites with sound profitability."

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