South korea reveals steps to support housing

South Korea has announced a range of measures to cut down oversupply of housing and boost the country's property market. The September 1 Realty Sector Recovery Plan includes proposals for the 10-year reduction in agent of those apartments eligible for reconstruction in Seoul (from 40 to 30 years), as well as the suspension of construction for new large-scale projects in NeW Town.

South Korea's oversupply of unsold units has now surpassed 50,000, with over 30,000 new homes vacany in Seoul alone.

Source: OPP