SEOUL, Jan. 15 (Yonhap) -- South Korea is seeking to supply more public housing units in Seoul through redevelopment projects, the finance minister said Friday, in the latest move to expand home supply to stabilize rising home prices.
Finance Minister Hong Nam-ki said the Seoul city government has selected eight sections in the capital as candidates for pilot redevelopment projects that will be pushed with public developers.
"The government will put priority on supplying new housing units this year," Hong said at a pan-governmental meeting on the real estate market.
The minister said that if the redevelopment projects go smoothly, more than 4,700 public housing units are expected to be supplied in the capital.
Earlier this week, Hong called for accelerating efforts to draw up measures to increase housing supply, saying that stabilizing housing prices is the most pressing issue.
South Korea's soaring housing prices have showed no signs of a letup despite the government's efforts to stabilize the real estate market, including tax hikes and loan regulations. Prices of houses for rental recently spiked up as supply dried up.
In his New Year's message, President Moon Jae-in apologized for the property market problem. Skyrocketing home prices are viewed as one of the main factors that drove the approval ratings for Moon to the lowest point since he took office in May 2017.
Hong said the government will focus on increasing the supply of new homes to stabilize the market this year, while pushing for strengthening property-related taxes as planned.