Procrastinating 'Real Estate Transaction Analysis Institute'... Noh Hyung-wook "Needs to be discussed promptly"

Minister of Land, Infrastructure and Transport Noh Hyung-wook 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 Sejong Complex in Sejong City on the morning of the 5th. [Image source=Yonhap News]

Minister of Land, Infrastructure and Transport Noh Hyung-wook stated that discussions should be expedited to introduce the 'Real Estate Transaction Analysis Institute,' a real estate oversight organization, to eradicate speculation.

Minister Noh made this remark on the 5th during the Ministry of Land, Infrastructure and Transport's inspection by the National Assembly Land, Infrastructure and Transport Committee in response to a question from Kim Hoe-jae, a member of the Democratic Party of Korea, regarding measures to eliminate real estate speculation.

On the same day, Representative Kim explained, "Verification of illicit gifts to minors must be strengthened," and added, "A real estate oversight organization must be established to conduct tax investigations and root out the problem."

According to Representative Kim, over the past four years, there have been 552 cases of housing purchases by minors under the age of 10, amounting to 140.7 billion won. Among these, 454 cases (82%) were for rental purposes.

Regarding this, Representative Kim said, "This creates an asset gap from the starting point of life," and added, "Most cases cannot help but raise suspicion of illicit gifting."

Minister Noh said, "Since the bill related to the Real Estate Transaction Analysis Institute is currently under review in the National Assembly standing committee, I ask that discussions be expedited."

Minister Noh also stated, "We are sharing information with relevant authorities and the National Tax Service regarding cases suspected of illicit real estate gifting," and added, "The National Tax Service began tax investigations into suspected illicit gifting cases on September 30."