Kim Yong-beom "More Move-ins in the Second Half of This Year Than Usual... Positive Factor for Jeonse Market Stability"

At the 18th Emergency Economic Central Disaster and Safety Countermeasures Headquarters Regular Briefing

"Stabilizing the Jeonse Market, Ensuring Smooth Implementation of Housing Supply Expansion Plans Including the August 4th Supply Measures Is Key"
Consumption Coupons to Be Distributed Soon... Also Considering Reducing the Number of Times for Issuing Dining Coupons

Kim Yong-beom, 1st Vice Minister of Strategy and Finance. (File photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 16th, "In the second half of the year, positive factors such as abundant move-in volumes remain."

On this day, Vice Minister Kim said at the 18th Emergency Economic Central Disaster and Safety Countermeasures Headquarters regular briefing at the Government Complex Sejong, "The move-in volume in Seoul for the second half of this year is 23,000 households, which is more than the recent 5-year average of 21,000 households."

Vice Minister Kim added, "The move-in volume in the metropolitan area over the past five years was 94,000 households, but this year it is expected to be 110,000 households," and said, "We judge that this will act as a stabilizing factor for the Jeonse market going forward."

Regarding the recent Jeonse market, he said, "Although the rate of increase in Jeonse prices is gradually slowing down, the upward trend is still continuing," and emphasized, "The government is also deeply aware of and regrets the difficulties faced by those newly seeking Jeonse."

He continued, "With the implementation of the three lease laws (Jeonse and monthly rent reporting system, rent ceiling system, and contract renewal request right system), the housing stability effect for existing tenants is beginning to appear," and explained, "(Stabilizing the Jeonse market) primarily depends on ensuring the smooth implementation of housing supply expansion plans such as the August 4th supply measures."

Regarding consumption trends, the government noted that since the easing of social distancing in the metropolitan area on September 14, mobility indicators have continued to improve following the decrease in confirmed cases, and since mid-September, the sluggishness in service sector consumption has gradually eased, resulting in overall consumption showing fluctuations but demonstrating a moderate recovery trend.

Accordingly, the government decided to resume the distribution of consumption coupons and to promote a package to revitalize domestic demand in various sectors (consumption, dining, tourism, culture), including tourism promotion events linked to consumption coupons and events to stimulate consumption and domestic travel. Vice Minister Kim said, "The timing for resuming the distribution of consumption coupons has not yet been decided, but we plan to finalize it very soon in consultation with health authorities," and explained, "If the distribution of consumption coupons resumes soon, we expect to achieve the originally anticipated effects. If necessary, we plan to execute the budget without fail by easing the eligibility requirements." Regarding dining coupons, the original plan was to issue dining points after five meals, but considering the short remaining period, options such as reducing the number of times are being reviewed.

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