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Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is delivering opening remarks at the 19th Real Estate Market Inspection Meeting of Related Ministers held on the 8th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jang Sehee] The government emphasized mutual cooperation, stating that housing supply cannot be carried out solely by local governments or the central government.

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki made this remark during his opening remarks at the "19th Real Estate Market Inspection Meeting of Related Ministers" on the 8th.

Deputy Prime Minister Hong said, "Housing supply involves a series of administrative procedures such as site selection, district designation, review, and permits, which cannot be done solely by the central government, metropolitan governments, or local governments," adding, "Mutual cooperation must be supported."

He also stated, "So far, the central government and local governments have closely cooperated in implementing housing supply measures such as the 2.4 Plan," and added, "I hope this mutual cooperation will become even closer and stronger in the future."

Following the victory of the ruling party's candidate Oh Se-hoon in the April 7 by-election for Seoul mayor, this statement is interpreted as a request for Seoul City's cooperation in pushing forward real estate policies. In fact, for urban public housing, if Seoul City does not grant review and permits, the project cannot proceed.

The government announced plans to unveil new housing sites in April. Deputy Prime Minister Hong said, "To benefit the homeless waiting for housing supply, we will announce new housing sites in April," adding, "Between April and May, we will select additional candidate projects proposed by local governments, and in May, we will conduct an integrated public contest for private proposals."

He further noted, "Due to the influence of pledges made during the by-election, the real estate market is seeing continuous price increases, especially in ultra-high-end reconstruction complexes," and added, "We will monitor this carefully and with vigilance."

He emphasized, "The broad framework of real estate policies, including suppressing speculative demand, protecting actual buyers, and eradicating unfair transactions, must be maintained without wavering."

Meanwhile, the government plans to consult with the National Assembly on 19 legislative amendments related to follow-up measures for eradicating real estate speculation and preventing recurrence within April.