Gyeonggi to offer 240 homes under shared-ownership plan

Gyeonggi province will offer 240 shared-ownership homes in the A17 block of Gwanggyo New Town, in Suwon, South Korea.

The 59-square-metre homes are the first of their kind to be offered in the country.

Buyers can initially acquire 25% of a home at a price based on its cost, then purchase a further 70% in instalments over 20 years.

They must also pay rent for the share still held by the public housing provider, and later payments are based on the original price plus interest for the time elapsed.

Applications are scheduled for November 9 to 11, through South Korea’s official housing subscription website.

Applicants must meet requirements including having no home in their household, as well as income, asset and category-specific rules.

The plan includes new places for young people and families with newborns, and raises the share of homes reserved for special-supply categories from 50% to 70%.

Buyers face a five-year occupancy requirement and a 10-year restriction on resale, while Gyeonggi plans to expand the scheme to other areas, including third-generation new towns.