The government will partially ease mortgage lending limits to boost the real estate market.Government and civic economic experts gathered at the presidential office on Saturday for a debate on measures to revive domestic demand. The plan calls for easing the debt-to-income (DTI) ratio which is a key tool to control housing loans.
Chief presidential economic adviser Kim Dae-ki said at a briefing that the basic framework of the DTI will be maintained, but unreasonable parts of the system will be improved for those who actually want to buy homes.
Kim said ways to ease the burden of people making loan payments against falling home prices will also be reviewed.
The government will also utilize unsold apartments and officetels and to prepare for the shortage of accommodations for foreign tourists. The officetel is a portmanteau of office and hotel, referring to a commercial office building that also doubles as private residence.
It will also develop quality domestic tour programs to boost travel demand and consider lowering consumption tax on golf courses for more Koreans to enjoy the pastime at home and not just abroad.