Housing Benefits

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Starting on Tuesday, newlywed couples who used to own homes will no longer be eligible for special housing benefits provided to the socially underprivileged. Over 75 percent of public housing will be provided to those who do not own homes yet.

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The Ministry of Land, Infrastructure and Transport has announced that new housing supply regulations will take effect on December 11. They're follow-up measures to the government's new real estate policies implemented back in September to stabilize the housing market. Under the new policies, newlywed couples who owned homes from the day of their marriage registration up until the application date for special housing will no longer be eligible for special benefits provided to the socially underprivileged. However, couples who have sold their existing homes and are awaiting special housing will be classified as number-two priority along with couples who do not have children yet. The top priority will be given to newlyweds with children who have never owned homes before. Over 75 percent of the housing will be provided to newlyweds who do not own homes first. The remaining apartments will be given to other non-homeowners and applicants who own one home and actually reside in it. Those who receive housing after promising to sell off their existing home will only be allowed to move in after reporting the transaction within six months after the earliest move-in date. Also, the new regulations restrict the resale of apartments built on public land that are subject to price regulations for up to eight years. Also, the mandatory residency period for residents of public housing will be extended to up to five years.