Kim Hyun-mi "Considering Easing Income Requirements for Dual-Income Newlyweds"

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] On the 16th, Kim Hyun-mi, Minister of Land, Infrastructure and Transport, announced that the income requirements for special supply for newlyweds in apartment subscription will be further relaxed to expand apartment subscription opportunities for the younger generation.

Minister Kim made this statement during the National Assembly's economic sector government questioning session, responding to the point raised by Kim Gyo-heung, a member of the Democratic Party of Korea, that "some dual-income young couples were unable to receive special supply due to income requirements."

Previously, the government expanded the income requirements for newlywed hope towns with a sale price of 600 million won or more and private housing to 130% of the average monthly urban worker income (140% for dual-income households). However, despite the relaxation of income requirements, there have been ongoing criticisms that dual-income newlywed couples and others still find it difficult to meet the income criteria and secure subscription opportunities.

Minister Kim said, "We will consider further relaxation," adding, "We plan to revise the subscription system to improve the income requirements."

Regarding the current real estate market situation, Minister Kim stated, "The government's measures have curbed the upward trend in real estate." He explained, "Since the announcement of the July 10 and August 4 measures, the market has shown some changes," and "The upward trend in real estate prices in Seoul has slowed to 0.01% according to the Korea Appraisal Board statistics for about 4 to 5 weeks, and in the Gangnam 4 districts, the upward trend has stopped."