South Korea Converts Golf Courses, Military Sites Into Residential
South Korea on said it will supply more than 132,000 new homes in Seoul through 2028 by easing building height limits and converting military sites and other state-owned properties into residential areas. Finance Minister Hong Nam-ki said state-owned Taereung golf course, military base Camp Kim in central Seoul as well as a driving test center in western Seoul would be converted into residential developments. “Stabilizing the real estate market is the biggest policy goal for public welfare and our utmost priority,” Hong said in a briefing. “(Tuesday’s measures) hopefully serves as a strong signal on new home supply.” Home prices in Seoul have risen 44% during the last three years, the fastest pace in the world, according to statistics site Numbeo.
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