Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is announcing a comprehensive real estate policy including the strengthening of the comprehensive real estate holding tax for multi-homeowners at the Government Seoul Office in Jongno-gu, Seoul on the 10th. Photo by Kang Jin-hyung aymsdream@
[Asia Economy Reporter Chunhee Lee] The Ministry of Land, Infrastructure and Transport announced on the 15th that it will operate a working planning team under the 'Housing Supply Expansion Task Force (TF)' to devise solutions for housing supply in the metropolitan area, in collaboration with related ministries and local governments such as the Ministry of Economy and Finance, Seoul City, Gyeonggi Province, and Incheon City.
On the 10th, the government prepared the 'Supplementary Measures for Housing Market Stabilization' and formed the Housing Supply Expansion TF, chaired directly by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki. Under this TF, a working planning team led by First Vice Minister Park Seon-ho of the Ministry of Land, Infrastructure and Transport was established to develop detailed supply plans.
At that time, the government proposed possible supply measures including ▲improving urban planning regulations for high-density development in city centers ▲increasing floor area ratios in the 3rd New Towns ▲discovering additional new housing sites such as idle land around cities and national facility sites within cities ▲relaxing urban regulations when implementing projects through public redevelopment and reconstruction to supply public rental and sale apartments for youth and newlyweds ▲utilizing vacant commercial and office spaces within city centers.
Accordingly, the first meeting of the working planning team was held on the afternoon of the 15th at Seoul City Hall with relevant officials in attendance. The meeting focused on discussing the operation plan of the working planning team and key review tasks for housing supply.
In particular, to expedite the progress of detailed tasks, a separate working group will be organized under the working planning team to promptly elaborate on existing agendas and discover new tasks. Once the agendas are concretized, they will be announced through the Housing Supply Expansion TF.
A Ministry of Land, Infrastructure and Transport official stated, "To alleviate the anxiety of actual homebuyers in the metropolitan area and expand mid- to long-term housing supply volumes, the central government and local governments plan to consider proactive measures beyond the existing institutional framework. To this end, we will promptly specify institutional improvements such as urban regulation relaxation and swiftly coordinate opinions among agencies through working planning team meetings."
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