The government has followed up on last month's package of measures to curb the country's housing prices, giving people that don't own homes priority when they apply for rights to buy homes.
In South Korea, construction firms usually sell the right to buy units before they are built to ordinary people through lotteries and points-based systems, both of which are overseen by state authorities.
The Land Ministry said Thursday an advance notice for the related bill will be issued Friday, which includes allocating at least 75 percent of purchasing rights in overheated speculation areas and major cities for applicants without their own homes.
The remaining rights will initially be offered to those without homes or those that own one unit, but those that own one unit will have to sell their homes within six months, or otherwise have their contract nullified and face a fine of less than five million won.
The 40-day advance legislation notice will run until November 21st, after which the Government Legislation Ministry will conduct an evaluation to enforce the legislation by late November.
[Photo : YONHAP News]