Reviewing All Housing System, Loan, and Tax Issues; Supplementing Measures for Genuine Homebuyers
This Year's Supply to Reach 500,000 Units, Highest Level Ever
[Asia Economy, reporter Jang Sehee] On May 6, Deputy Prime Minister and Minister of Economy and Finance Hong Namki stated, "We will accelerate consultations between the government and the ruling party to resolve uncertainties in the real estate market as early as possible."
At the 21st Real Estate Market Inspection Ministers' Meeting held at the Government Complex Seoul that day, Deputy Prime Minister Hong said, "We will vigorously pursue both the suppression of real estate speculation and the expansion of housing supply as our main policy directions."
He outlined the following items for future review: ▲ Examination of existing housing systems, loans, and tax issues to curb speculative demand ▲ Policies to expand housing supply, including the February 4 Measures ▲ Strengthening support for vulnerable groups such as non-homeowners and the youth.
Quoting the phrase 'Mulgyeongsosa' (勿輕小事, meaning 'Do not take even small matters lightly'), he said, "When it comes to real estate policy, the government will respond with such a mindset and pay close attention to every detail." He added, "We will more thoroughly examine and strengthen support for non-homeowners, low-income households, young people, and genuine homebuyers, addressing their burdens in detail."
Regarding future supply plans, he explained, "This year, the total number of housing units to be supplied-including private sales, public offerings, and advance subscriptions-will be about 500,000, the highest level ever." He added, "The number of housing units available for move-in this year is 460,000, which is similar to last year and the annual average."
The government also announced that it will steadily implement follow-up measures to the previously announced 'Measures to Eradicate Real Estate Speculation and Prevent Recurrence.' He stated, "Most of the relevant legislation is expected to be submitted by May," and "Most administrative follow-up procedures, such as amendments to subordinate regulations, are proceeding smoothly." He emphasized, "We will push ahead without hesitation to fundamentally eradicate the chain of real estate corruption and to thoroughly root out and strengthen punishment for speculative forces."
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