Won Hee-ryong "Real Residence Requirement for Apartments under the Comprehensive Real Estate Tax Should Be Abolished... Concerns about Moving Refugees"

Won Hee-ryong, Minister of Land, Infrastructure and Transport, expressed the view that the mandatory residence requirement for apartments subject to the price ceiling system should be abolished.

On the afternoon of the 19th, after announcing the 'Smart Plus (+) Building Activation Roadmap' at Naver 1784 Building in Seongnam-si, Gyeonggi Province, Minister Won told reporters, "The amendment to the Housing Act, which includes the abolition of the mandatory residence requirement, must be passed," adding, "We must not create moving refugees who cannot afford to move immediately."

Minister of Land, Infrastructure and Transport Won Hee-ryong is speaking with reporters after announcing the 'Smart Plus (+) Building Activation Roadmap' at Naver 1784 Building in Seongnam-si, Gyeonggi Province on the 19th.
[Image source=Yonhap News]

He continued, "The opposition party wants to block it entirely because they believe it should be prevented from being used for gap investment," emphasizing, "We need to find an appropriate level; blocking everything causes harm to more than 40,000 innocent households."

Under current law, if one wins the general subscription for apartments subject to the price ceiling system in the metropolitan area sold after February 19, 2021, they must reside in the apartment for 2 to 5 years from the initial move-in date. According to the Ministry of Land, Infrastructure and Transport, a total of 66 complexes and 43,786 households are subject to the mandatory residence requirement.

Regarding concerns about housing supply, Minister Won said, "Currently, there is no shortage of supply," and added, "We are preparing measures now because a future supply shortage is anticipated three years from now."

He explained, "Compared to the previous price surge period, an excessive amount was supplied at high prices, which has caused the demand segment that needs to purchase homes with loans to shrink, so it is correct to see the current supply as temporarily excessive."