[2020 National Assembly Audit] Kim Hyun-mi "It Will Take Some Time to Stabilize the Jeon-Wolse Market"

Minister of Land, Infrastructure and Transport Kim Hyun-mi is responding to questions from committee members during the National Assembly Land, Infrastructure and Transport Committee's audit of the Ministry of Land, Infrastructure and Transport, the Administrative City Construction Agency, and the Saemangeum Development Agency held at the Government Complex Sejong in Sejong City on the 16th.
[Photo by Yonhap News]

[Asia Economy Reporter Chunhee Lee] "I think it will take some time until the (jeonse and monthly rent) market stabilizes. We are monitoring the situation. (Regarding additional measures) we will observe the market conditions further." (Kim Hyun-mi, Minister of Land, Infrastructure and Transport)

At the Ministry of Land, Infrastructure and Transport's audit held at the Sejong Government Complex on the 16th, Minister Kim Hyun-mi responded to a question from Kim Hoe-jae, a member of the Democratic Party of Korea, regarding the jeonse and monthly rent market, saying, "I think it will take some time until the market stabilizes."

On that day, Representative Kim asked, "It is already predicted that it will take some time for the real estate policy to show results. It seems that effects have started to appear in the sales market, but how long will it take for the jeonse prices to stabilize?"

In response, Minister Kim said, "When the lease period was extended from one year to two years in 1989, it took about five months for the market to stabilize. Although I cannot say it will be exactly five months this time, I think it will take some time, and we are closely monitoring the situation."

When Representative Kim asked if she thought the unstable state would continue until early next year, Minister Kim replied, "Rather than instability, I think it will take some time until the market stabilizes. We are diligently monitoring the situation."

Minister Kim also indicated that additional measures for jeonse and monthly rent are not yet prepared. In response to Representative Kim's question about whether another measure would be necessary if market instability continues, Minister Kim said, "For now, we will observe the market situation further."