Hong Nam-ki: "Panic Buying Calms Down... Significant Number of Listings to Appear Over the Next Year"

Full Meeting of the Committee on Finance and Economy on the 20th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 20th, "The real estate 'panic buying' has significantly calmed down. We expect a considerable number of properties owned by multi-homeowners to come onto the market over the next year."

Deputy Prime Minister Hong attended the plenary meeting of the Planning and Finance Committee held at the National Assembly on the same day and responded to Democratic Party lawmaker Ko Yong-jin's question about the effectiveness of the government's real estate measures by saying, "To prevent gap investments, we implemented strong measures on June 17, and I understand that some supply is already gradually coming out."

When Lawmaker Ko said, "Gap investments decreased from 8,410 cases between June 1 and July 10 to 1,295 cases between July 11 and August 10, and corporate purchases also dropped from 250 cases to 30 cases during the same period," Deputy Prime Minister Hong added, "If I add one more statistic, the number of home purchases by people in their 30s was about 6,000 from June to early July but fell to around 1,060 after July 11."

Deputy Prime Minister Hong said, "In terms of prices, the weekly apartment price increase rate in Seoul is virtually halted at 0.02%, and in Gangnam, it is recorded as 0.00%." He also added, "The weekly apartment price in the metropolitan area rose to 0.22% in the first week of August but dropped to 0.18%, and I expect the rate of increase to decline further."

He explained, "It took about eight weeks after announcing major measures for the effects to appear," adding, "There is still a slight time lag after the government's announcement of the measures."

This content was produced with the assistance of AI translation services.