A property reconstruction project that will be supported by state-owned institutions will be named soon, Finance Minister Hong Nam-ki said. Finance Minister Hong said the real estate market is finally showing signs of stability.
The government’s most recent real estate policy, the 21st antispeculative measures instituted by the current administration, has posed challenges to home owners and so-called gap investors.
Applications for 9,000 apartments in three new towns in the Seoul area will be accepted by the government starting next year, a few years earlier than originally planned.
Major apartment complexes that are set for reconstruction work showed signs of price recovery over the long weekend holiday, which runs between April 30 and May 3.
The owners of apartments at Gaepo 1 Danji gathered at Gaewon Elementary School within the apartment complex to discuss the reconstruction project on Tuesday in Gangnam, southern Seoul.