[2020 National Audit] Hong Nam-ki "Housing Market Stabilizing... Further Adjustments Expected"

Comprehensive National Audit by the National Assembly's Planning and Finance Committee on the 22nd

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated regarding the housing sales market trend, "It is currently stable, and further adjustments are expected."

On the 22nd, during the comprehensive audit by the National Assembly's Planning and Finance Committee, when Assemblyman Ko Yong-jin of the Democratic Party asked, "The current housing sales market has entered a stable phase. Do you agree that the balance of power has begun to collapse?" Hong replied, "I completely agree."

In response to the question, "When do you think the market will start to decline in earnest?" he added, "It is difficult to say definitively when, but the sales market is at least stable now, and I believe that the parts that have risen excessively will be adjusted by market functions."

Hong also said, "I think it is appropriate for apartment prices in Seoul to generally move into the negative," adding, "There will be adjustments particularly in areas where prices have risen excessively."

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