Kim Tae-nyeon "Strengthening Monitoring of Jeon-Wolse Market... Expected to Stabilize by Year-End"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 7th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, stated, "We will strengthen monitoring of the jeonse and monthly rent market," and predicted, "The jeonse and monthly rent market is expected to stabilize by the end of the year."

At the Democratic Party's Supreme Council meeting held at the National Assembly on the morning of the 10th, Floor Leader Kim said, "The overheated sales market will calm down with the comprehensive 8.4 measures that simultaneously address demand management and supply policies, and the jeonse and monthly rent market is also expected to stabilize by the end of the year."

He added, "Due to the structural characteristics of the major rental markets in Seoul, the transition to jeonse and monthly rent will not happen rapidly," and said, "We will strengthen monitoring of the jeonse and monthly rent market."

He also said, "We will discuss various measures for the jeonse and monthly rent market after the 8.4 measures. If innocent victims occur in this process, we will prepare measures to provide relief," and added, "We will supplement policies through party-government consultations to ensure that tenants are not burdened, such as adjusting the conversion rate of jeonse and monthly rent linked to mortgage loan interest rates."

Floor Leader Kim said, "The party and government are making efforts for homeownership among young people who are actual buyers and have relaxed income requirements for the special supply for newlyweds," and stated, "A significant portion of the 1.27 million houses to be supplied in the metropolitan area will be allocated to first-time buyers, youth, and newlyweds."

He continued, "The Democratic Party is consistently pursuing real estate policies with firm principles. We will consistently implement real estate measures with patience and perseverance," emphasizing, "We will not be shaken or retreat due to market disruption such as the spread of fake news."