Hong Nam-ki: "To Prevent Housing Price Rise from Reconstruction, Designation of Land Transaction Permission Zones Also Considered"

Deputy Prime Minister Hong Nam-ki Announces Plans to Expand Housing Supply

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is announcing plans to expand housing supply in the Seoul metropolitan area, including the Seoul region, at the Government Complex Seoul in Jongno-gu, Seoul, on the 4th. Photo by Kang Jin-hyeong aymsdream@

[Asia Economy reporters Kwangho Lee and Nahum Kang] On the 4th, the Democratic Party of Korea and the government announced plans to expand housing supply in Seoul and the metropolitan area, pledging to "eradicate market disruption activities" and hinting at additional measures. This appears to be due to concerns that easing reconstruction regulations and other factors could drive up housing prices as demand surges.

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, attended the 'Party-Government Meeting on Expanding Housing Supply to Stabilize the Real Estate Market' held that morning and emphasized, "We will not make the mistake of allowing increased housing supply to become prey for speculative forces," adding, "Market disruption by speculative forces is a foul play that undermines the real estate market, and we will respond firmly from the perspective of protecting people's livelihoods." Kim stated, "The most important principle upheld while reviewing this supply plan is to strengthen the public nature of housing for actual homeowners."

Kim also said, "To stabilize the real estate market, we must strongly block market disruption activities by speculative forces, and if necessary, we will mobilize all administrative power and policy tools to identify speculative forces," adding, "The party and government consider this announcement not the end, and if any loopholes or gaps in the system arise, we will prepare additional measures at any time."

At the floor countermeasure meeting that day, Kim reiterated, "If movements disrupting the housing market continue, we will take strong legislative action at any time." He continued, "The Democratic Party will unwaveringly pursue the three laws for real estate stabilization: eradicating speculation, recovering speculative profits, and protecting the homeless, until the housing market stabilizes," and said, "We will create an era of one household, one home where every citizen can own a home."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced the 'Plan to Expand Housing Supply in Seoul and Metropolitan Areas' jointly with related ministries at the Government Seoul Office that day, stating, "To prevent the rise in nearby housing prices due to reconstruction, if necessary, we will thoroughly manage market instability factors in advance through designating land transaction permission zones and conducting joint real price investigations with related ministries."

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