Prime Minister Kim: "Real Estate Supervisory Service Is Not a Surveillance or Oppressive Body... Its Goal Is Market Normalization"

Government questioning on education, social and cultural affairs in the plenary session on the 11th

On the 11th, Prime Minister Kim Minseok stated, "The Real Estate Supervisory Service is not a tyrannical institution that fabricates crimes that people did not commit and holds them to account," adding, "Its purpose is to investigate unfair transactions when they occur and normalize the market."

Prime Minister Kim made these remarks in response to a question from Yoon Jaeok, a lawmaker of the People Power Party, who asked about the potential for personal data infringements by the Real Estate Supervisory Service during a government questioning session on education, social and cultural affairs held at the National Assembly on Tuesday afternoon.

Prime Minister Kim said, "I am aware of the criticism that its powers are excessive," and explained, "Even the Financial Services Commission only accesses information under very special circumstances and under certain conditions and prerequisites. We will operate this institution by attaching similar conditions and prerequisites in the relevant law."

He went on to stress, "We are not thinking of anything that goes beyond what previous administrations have done in investigations related to finance and real estate," and added, "We only intend to grant certain powers in cases where there is a need for complex investigations and criminal probes."

Prime Minister Kim Minseok is answering questions from ruling and opposition lawmakers during a government questioning session on education, social and cultural affairs held at the plenary chamber of the National Assembly on the 11th. Photo by Yonhap News

Regarding concerns about the real estate stabilization policy of the Lee Jaemyung administration, he said, "Our administration has sent a consistent message to the market that once we announce a policy, it will be implemented as stated," referring to the recent revitalization of the domestic stock market following the crackdown on unfair trading in the stock market.

He emphasized, "Just as strengthening fairness in the stock market has helped invigorate our stock market, the same will apply to real estate," and added, "I believe that demonstrating consistency and determination in policies that strictly respond to unfair real estate transactions and illegal fraud will help normalize the real estate market."