New Apartment Sales

[Anchor Lead]

The sale of new apartment units for newly-weds in Wirye New Town has been wrapped up, recording a high competition rate of 50 to 1. Systems have been supplemented in order to dispel disputes that it would be impossible for young people to purchase the new homes without financial assistance from their parents.

[Pkg]

This is a model house of new apartment units to be built for newlyweds in Wirye New Town by 2021. It attracted roughly 20,000 visitors over ten days, including young married couples and those with little children. Boasting greater storage areas, the apartments were finished with functional materials to help reduce noise between floors. The apartment communities will be organized to foster a friendly environment for families raising children. In order to move into the new town for newlyweds, people have to prove their income and assets are below a certain level. Purchase rights will be primarily given to soon-to-be-married couples with no home, couples who have been married for fewer than seven years and single-parent families. But competition among newlyweds for new units in Wirye is 54 to 1. The apartments are priced between 300 million and 400 million won, which is about 60 percent of the market rate in neighboring regions. The government will enable purchasers to take 30-year loans to cover 70 percent of the apartment price in an effort to dispel criticism that the apartments are too expensive for young newlyweds without financial assistance from their parents. The measure is aimed at helping young people purchase their own houses without their parents' support.

[Soundbite] Kim Na-yeon, Pyeon Seok-ho(married 2 years ago) : "The price is somewhat burdensome. But fortunately, we can take out a loan for 70 percent of the price if we are able to prepare the down payment."

More new apartments for newly-weds will go on sale in Pyeongtaek and Godeok next month. The government is planning to supply 150,000 new apartments for newly married couples over the next four years.