Ruling Party Proposes "Expanding Public Housing to 70% of Market Price... Introducing 1.9% Mortgage Loan"

Essential goods shipment 115,000 tons by the 10th
Prices 2.5% lower than same period last year
Public sale housing three times higher than previous government

[Asia Economy Reporter Kim Young-won] The People Power Party has demanded that the government expand public sale housing priced at about 70% of market value, aimed at helping low-income families purchase homes, to three times the scale under the Moon Jae-in administration, and prepare a dedicated mortgage loan product with an interest rate of 1.9%.

On the 13th, Ryu Seong-geol, chairman of the People Power Party's Special Committee on Economic Stability, held the 4th meeting at the National Assembly Members' Office Building and stated regarding real estate measures, "Given the high inflation and high interest rate economic situation, the hardship of vulnerable low-income groups is particularly severe, so the committee members agreed on the need to strengthen housing welfare."

At the meeting, measures such as the smooth implementation of the special Bogeumjari Loan with minimum interest rates ranging from 3.75% to 5.55%, and the launch of a checklist and a safety application (app) to prevent jeonse fraud within this month were also mentioned.

Chairman Ryu said, "There are so many issues related to real estate that we will conduct additional reviews at the next meeting and then inform the public."

He also said, "We have requested the Ministry of Economy and Finance, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Trade, Industry and Energy, and the Ministry of Oceans and Fisheries to supply the planned 208,000 tons of essential goods," adding, "As of the 10th, it has been confirmed that 115,000 tons have been shipped."

[Image source=Yonhap News]

Measures to stabilize prices have also been confirmed to be effective. Chairman Ryu explained, "Thanks to measures such as raising the discount support limit for agricultural and livestock products, the prices of 16 essential goods have been maintained at about 2.5% lower compared to the previous year as of the 11th." He added, "If necessary, we have requested that agricultural, livestock, and marine products be released in quantities exceeding the target to ensure stable prices through the Lunar New Year holiday."

Earlier, on the 4th, the government held an emergency economic ministers' meeting with related ministries and announced the 'Lunar New Year Livelihood Stabilization Measures.' This includes supplying 208,000 tons of 16 essential goods using government stockpiles and contract cultivation volumes, and investing 30 billion won in discount support for agricultural, livestock, and marine products. All of these are the largest scale ever.

In addition, the ruling party urged related ministries to promptly announce measures such as waiving highway tolls during the holiday period and financial support plans.

The 5th meeting of the Special Committee on Economic Stability is scheduled to be held on the 27th.