The South Korean government plans to supply 5 lakh homes in the country over 5 years. The Ministry of Land, Infrastructure and Transport mentioned in a statement that it is more than 50% of the homes supplied over the past 5 years.

SEOUL: On Tuesday the new government of South Korea announced that it is going to supply around 2.7 million new homes across the country over the next five years. Short supply has been frequently blamed for fast price rises in big cities of the country.

President Yoon Suk-yeol started his single five-year term in early May. Yoon Suk-yeol criticised his predecessor’s policy of discouraging home purchases in the capital city. President promised to increase home supply in all the high-demand areas. The land ministry also said it would supply another 520,000 new homes in other major cities over the next five years.

It is also mentioned that the government would provide various financial, administrative and tax advantages to young people and lower income-earners when they buy or rent homes.

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