South Korea's Land Minister predicts no significant house price increases due to aging population and slowing economy; promotes public rental, cheap mortgages for newlyweds, and high-speed rail for affordable housing.
South Korea's land minister, Park Sang-woo, predicts that the country's significant house price increases in the past won't be repeated due to its aging population and slowing economy. He aims to promote public rental accommodation to address housing access and improve the country's work-life balance. The government is introducing cheap mortgages for newlyweds planning to have a baby and developing a high-speed underground rail network to connect affordable housing markets in Seoul's outskirts to city center jobs.
March 12, 2024
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