Ruling Party and Government Consider Announcing 'Detailed Supply Measures' Within the Year... "No Discussion Yet on Holding Tax Increase"

Follow-up Measures to the October 15 Real Estate Policy
Additional Supply Plans by Year and District
Possible Announcement Within This Year

The government and the ruling party are considering announcing additional supply measures, broken down by year and district, as a follow-up to the October 15 real estate policy, possibly within this year.

Yonhap News Agency

On October 19, Kim Byungki, Floor Leader of the Democratic Party of Korea, stated at a press briefing held at the National Assembly that the party and the government are considering announcing detailed supply measures. He said, "This is one of the issues being reviewed by the Policy Committee," and added, "Reviewing the matter is different from finalizing or implementing it." He also noted, "If the review is positive, I understand that we are considering making an announcement by the end of the year or at the beginning of next year."

It is known that the party and the government are considering announcing specific annual supply plans focused on Seoul, in response to criticism that the October 15 real estate policy amounted to "pulling up the ladder." The plan is to present detailed schedules specifying how many units will be supplied in each district of Seoul by when.

When asked whether there are idle sites available in Seoul and the metropolitan area, Floor Leader Kim responded, "The issue is how to identify and secure idle sites, not that there are none." He continued, "However, due to population concentration issues, whether all secured idle sites will be utilized or whether there are enough idle sites are separate matters."

Regarding the party's stance on the possibility of raising real estate holding taxes, he answered, "We have not discussed (raising holding taxes) yet, and there is no official party position."

He added, "Real estate is an issue that draws intense public sentiment, so we must make a comprehensive judgment," and continued, "While the party will closely cooperate with the government, it is the government that plans to make the announcement."