Hong Nam-ki "Concerns Over Housing Price Rebound... Vigilantly Monitoring with Caution"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance (Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki said on the 11th, "The recent slowdown in the decline of housing prices in Seoul and the metropolitan area regulatory zones, as well as the continued rise in prices in non-regulated areas, has prompted the government to remain vigilant and carefully review the situation."

Deputy Prime Minister Hong presided over the 6th Emergency Economic Central Countermeasures Headquarters (Economic Central Headquarters) meeting held at the Government Seoul Office and stated, "Apart from today's agenda, I would like to add a few words regarding recent trends in the real estate market."

He said, "Housing prices in Seoul and other areas have generally remained stable since the December 16 measures, and there is a forecast of a decline in housing prices due to the recent contraction in the real economy. However, concerns about a rebound in housing prices based on the low interest rate environment and abundant liquidity also coexist."

He continued, "As I have emphasized several times before, the government's determination to stabilize the real estate market, which is directly related to people’s livelihoods, is more consistent and firm than ever," and stressed, "If signs of instability appear in the housing market in the future, we will take necessary measures at any time and implement them without hesitation."

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