Minister Noh Hyung-wook: "Housing Market at a Critical Turning Point Between Stabilization and Continued Overheating"

Secure as Many Candidate Sites as Possible to Support Stable Housing Supply
Emphasize Harmony Between Public and Private Housing Supply and Innovation in Supply Agencies

Minister of Land, Infrastructure and Transport Noh Hyung-wook is speaking at the meeting of housing supply agencies held at the Government Sejong Complex on the 18th.

[Asia Economy Reporter Jo Gang-wook] "The recent housing market stands at a critical turning point between stabilization and continued overheating."

On the 18th, Minister of Land, Infrastructure and Transport Noh Hyung-wook held a meeting with housing supply agencies at the Government Sejong Complex, diagnosing the situation as such and emphasizing, "The best way to alleviate the public's housing anxiety is to establish a stable foundation that allows continuous housing supply."

Minister Noh explained, "The reason for holding a meeting with housing supply agencies as my first external schedule since taking office is precisely this." He stressed the need to deliver a clearer message to the market about expanding housing supply.

He first stated, "We must proactively secure as many candidate sites as possible to support stable supply." This is because coordination among various stakeholders is necessary, and due to the many variables inherent in urban housing supply projects, we cannot be complacent with the current secured volume.

He requested local governments to additionally propose candidate sites with excellent location conditions and high development needs. To public institutions, he said, "Please prepare creative development plans tailored to the characteristics of candidate sites early on, and do your best to quickly secure consent rates through active project explanations and meticulous tenant protection measures." He also urged related organizations such as the Housing and Urban Guarantee Corporation to consider multifaceted measures in their respective areas, such as finance and guarantees, to promote housing supply.

Minister Noh emphasized the harmony between public and private sectors in housing supply. He explained, "It is efficient for the public sector to lead in areas with poor profitability and complex stakeholder interests such as many tenants, while the private sector should take the lead where there is sufficient profitability and strong willingness from landowners." Regarding private reconstruction, he added, "The government and local governments must work together to devise sophisticated safeguards to prevent market instability caused by speculative demand inflows and excessive development profits."

He also called for innovation from supply agencies. In particular, he pointed out that the land development projects previously focused on by LH and the upcoming full-scale urban projects have significant differences in their implementation processes.

Minister Noh said, "A progressive approach is needed, such as transparently disclosing the entire project process and carefully considering each resident." He emphasized, "For this, please actively benchmark the know-how of the private sector, which has abundant experience in redevelopment projects."

Meanwhile, the meeting was attended by deputy heads of local governments, presidents of Korea Land and Housing Corporation (LH), Seoul Housing and Communities Corporation (SH), Gyeonggi Housing and Communities Corporation (GH), Housing and Urban Guarantee Corporation (HUG), and related association heads.