Solutions on the unbalanced demand and supply of housing

Abstract

By the end of December 1995 total unsold housing estimated no less than 178,000 houses, but if the unsold housing including flats and semi-apartments built by small scale contractors, it will estimate more than 200,000 houses, and therefore at least 7,000 billion won is not collected. The drastic increase of unsold housing was caused by government's weasonable housing policy and wrong prospect of demand by housing contractors, which resulted in bankruptcy of more than 100 housing contractors during 1995 only. Setious impact on construction business and entire economy will also be most probable.. To meet the possible serious problems caused by drastic increase of unsold housing, each housing contractor has been planning various strategies as a solution and the government, also realized the seriousness and has set out "Stabilizing Policy for Housing Market" as of Nov. 8, 1995.