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South Korea Boosts Real Estate Sector Support to Anchor Market Stability

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South Korea will increase policy support for real estate projects to 47.8 trillion won from 26.3 trillion won, as it looks to improve housing supply and promote market stability, according to a Thursday release from the Financial Services Commission.

The agency also unveiled financial measures to aid young people and newlyweds in purchasing a house, such as equity accumulation and profit-sharing types as well as a newly created universal public rental housing type.

The agency will retain restrictions on speculative demand, as it looks to curb household debt growth at about 3% this year.

The country looks to start construction of 230,000 houses in the metropolitan area over the next five years, on top of an earlier goal of 1.35 million houses.

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