The Presidential Transition Committee's Real Estate Task Force Holds First Meeting: "Focus on Sufficient Supply and Market Recovery"

Shim Gyo-eon, head of the Real Estate Task Force of the Presidential Transition Committee, is giving a briefing on the afternoon of the 29th at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul. Photo by Transition Committee Press Corps

[Asia Economy Reporter Kim Hyemin] The Presidential Transition Committee's Real Estate Task Force (TF) held its first meeting on the 30th and began full-scale activities to establish national policy tasks.

The Real Estate TF was formed to coordinate and conduct in-depth discussions on various real estate issues such as supply, taxation, and finance. The supply division is led by Senior Specialist Shim Gyo-eon of the Economic Subcommittee 2, with finance and taxation subcommittees, and supply and housing welfare subcommittees organized under it, each staffed with specialists and working-level members from Economic Subcommittees 1 and 2.

In particular, nine private sector real estate experts were appointed as advisory members to broaden the composition. This is intended to make the Real Estate TF's discussions more market-friendly and incorporate voices from the field.

At the meeting, the basic direction of the new government's real estate policy, key review tasks, and future schedules were discussed. The basic direction formed a consensus on ▲ sufficient supply led by the private sector responding to demand and fundamental market stabilization and improvement of national housing through market function restoration ▲ and building a detailed housing safety net for market-excluded and socially vulnerable groups. The Real Estate TF plans to discuss individual tasks in detail under this direction going forward.

Regarding supply, the discussion topics include ▲ the direction of the 2.5 million housing supply roadmap ▲ national support tasks to restore young people's hope of homeownership ▲ measures to strengthen housing support for vulnerable groups ▲ and normalization of redevelopment project regulations to establish a foundation for expanding urban supply.

From the perspective of market function restoration, topics to be discussed include ▲ alleviation of excessive tax burdens related to real estate ▲ rationalization of loan regulations ▲ and tasks to stabilize the lease market.

However, during this process, to prevent tax, loan, and reconstruction regulation easing from becoming short-term market instability factors, a detailed implementation strategy will be prepared considering changes in macroeconomic conditions such as interest rate trends and supply-demand variables like housing supply and demolition.

The Real Estate TF plans to widely collect opinions from associations and experts and propose policy solutions that can operate effectively in the field.