Hong Nam-ki: "Early Supply of 60,000 Public Sale Housing Units... Preliminary Subscription from July Next Year" Announcement Deferred for Taereung CC, etc. (Comprehensive)

Opening Remarks at the 6th Real Estate Market Inspection Meeting of Relevant Ministers
Regarding Market Conditions: "Buyer Sentiment Cautious Since August... Atmosphere Calming"
"Corporation-Owned and Deregistered Rental Housing to Be Supplied as Market Listings"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the "6th Real Estate Market Inspection Meeting of Related Ministers" held on the 8th at the Government Seoul Office in Gwanghwamun, Seoul.

[Sejong=Asia Economy reporters Kim Hyunjung and Jang Sehee] On the 8th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced that starting from July next year, about 60,000 households will be supplied early over two years through pre-subscription in the 3rd New Towns. However, specific subscription plans for sites such as Taereung CC in Nowon-gu, Seoul, Camp Kim in Yongsan-gu, and the Gwacheon Government Complex site in Gyeonggi Province, which had sparked controversy over land use, were postponed.

Deputy Prime Minister Hong said in his opening remarks at the 6th Real Estate Market Inspection Meeting held at the Government Seoul Office that "Starting pre-subscription in July next year, we will supply 30,000 public sale houses each in 2021 and 2022 early in major public land sites in the metropolitan area, including the 3rd New Towns." He explained, "Some parts of Incheon Gyeyang (1,100 households) will have pre-subscription in July-August, some parts of Namyangju Wangsuk 2 (1,500 households) in September-October, and some parts of Namyangju Wangsuk (2,400 households), Bucheon Daejang (2,000 households), Goyang Changneung (1,600 households), and Hanam Gyosan (1,100 households) will have pre-subscription in November-December."

He postponed the announcement of specific plans for sites that had sparked controversy over land use since the August 4 supply plan announcement. He added, "Taereung CC included in the August 4 supply plan will have a traffic plan established in the first half of 2021, the Gwacheon Government Complex site will have a plan after the relocation plan is established, and Camp Kim will have a specific pre-subscription plan announced after the US military returns the site." Regarding the supply of the 3rd New Towns, he said, "All five sites have completed district designation and are preparing the basic urban plan, and follow-up measures aligned with the pre-subscription schedule are progressing smoothly." He added, "Since the biggest reason for wanting to move into the 3rd New Towns is convenient transportation, we plan to promptly proceed with follow-up procedures such as confirming the metropolitan transportation improvement plan and conducting preliminary feasibility studies for public institutions to ensure transportation infrastructure is completed on time."

[Image source=Yonhap News]

Regarding the recent market situation, he cited the release of apartments held by corporations and the weakening of market participants' expectations for house price increases as reasons, forecasting that price stabilization will spread.

Deputy Prime Minister Hong said, "The buying sentiment in Seoul and the metropolitan area, which had been overheated, has turned to a wait-and-see stance since August, calming down, and big data analysis also confirms that the general public and market participants' expectations for house price increases are gradually weakening." He observed, "Due to the strengthened taxation policy on corporate real estate, the number of apartments held by corporations being released has increased recently, and this trend will continue." He also said, "By the end of the year, 468,000 registered rental houses are scheduled to be automatically deregistered, and a significant portion of these may be supplied to the market as listings." He emphasized, "If the real estate policies announced so far are implemented without wavering, market expectations will stabilize, and price stabilization will become more solid."

Deputy Prime Minister Hong reiterated the government's 'firm will' to stabilize the real estate market on the same day. He said, "Trust in policy comes from definite execution, so we will closely monitor the market situation and ensure that this supply and demand measure is firmly implemented on the ground." He stressed, "Therefore, we will make every effort to ensure that measures to eradicate speculation and illegal activities and protect actual demand operate properly."

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